FAQs

Insurance is a contract, in which an individual or organization (you) receives financial protection or compensation against losses. This protection is done for a price often referred to as premium.

Whether the loss is health, wealth, or life you need to protect the things that are most important to you.

Brokers earn a commission on premiums paid; it is illegal for brokers & agents to “mark-up” premiums. Customers can however find some products are cheaper through brokers as they re able to negotiate with insurance companies to have special considerations.

Risk management is the process of identifying, analysing and controlling potential threats that might occur.

The Sum assured is the total value of the insurance policy when purchasing it. Under any circumstances, such as a death, the Sum assured will be the amount that is paid by the insurance policy to the customer.

Motor Insurance is compulsory for drivers. You would be contravening Chapter 405 of the Statute Laws and is liable to a fine or imprisonment.

You can only transfer a policy for motor insurance from one vehicle to another but not from one policy owner to another.

1. Report any loss or damage to Lucent Insurance Brokers - 0709 527 000.
2. Ensure you submit all the necessary documents requested by your insurance company. We will all co-operate to facilitate the smooth handling of your claim.
   • Duly filled claim form from the respective insurance company
   • Police Abstract
   • Pictures of the scene of the accident
   • Pictures of the damage

Brokers have direct access to the insurance provider, therefore, can influence their activities to ensure a seamless service delivery to the clients.

The documents required:

• ID Copy
• PIN Copy
• Logbook or Valuation Report

Yes, you should. Motor claims that are not reported will not be compensated.

The excess is the sum of money you are obliged to pay should you make a claim on your car's insurance policy.

PVT stands for political violence and terrorism. It covers all damage and loss in the event of civil unrest and all acts of terrorism.

Documents Required

• ID Copy
• Birth certificate for minors
• PIN Copy
• Duly filled application form

• Inpatient care is the care of patients whose condition requires admission to a hospital.
• Outpatient care is when a patient attends a healthcare facility for treatment without staying there overnight. Dental, Optical and any form of medical care that does not require overnight stay would be considered as outpatient.

1 year

If you have a life insurance policy and the Insurance company is closed, your policy remains valid, and you have the right to claim from the regulator which is the IRA immediately the policy matures.

IRA: Insurance Regulatory Authority is the regulatory body for the insurance industry.

1 Year

Any Changes below must be notified to the insurance company to adjust the policy to meet the new risk requirements.

PERSONAL

1. A change in marital status
2. A new baby
3. New drivers in the household
4. Kids going away to college
5. A new job or starting a home business
6. Changes in your income
7. Paying of a car load
8. Buying a home
9. Moving to a new apartment
10. Home improvements
11. Approaching retirement
12. Purchasing jewelry, antiques, computer equipment or other expensive items

BUSINESS

1. Starting a new business
2. Increase your workforce especially if you exceed 10 full-time employees (or the equivalent of).
3. Seasonal increases in inventory
4. Loss of employees to other companies.
5. Expansion plans - equipment, vehicles, or physical plant
6. Business owner approaching retirement.