Frequently Asked Questions about Insurance


HERE ARE A FEW ANSWERS TO OUR MOST COMMON QUESTIONS


QWhat is Sum Insured ?
AThe maximum amount that an insurance company will pay to someone in the event of a claim.
QWhat is deductible ?
AFixed amount or percentage of an insurance claim that is the responsibility of the insured, and which the insurance company will deduct from the claim payment.
QWhy additional personal details are now required ?
A

As a financial institution Atlantic Insurance is regulated by the Money Laundering & Terrorism Prevention Act of 2008 and Amendments. Atlantic Insurance is committed to combating Money Laundering and the Financing of Terrorism.

To better comply with the Anti-Money Laundering & Counter Financing of Terrorism regulations we require a copy of the following:

  1. Valid Belize Social Security Card or Passport
  2. Recent utility bill in your name with address (no more than three months old)

In addition to the above, our Customer Service Representative or Agent will advise you of additional information that may be required. All information provided to us will be kept in the strictest confidence.

QWhy get insurance ?
AInsurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium.
QWhat is Life Insurance ?
A

Life insurance is a contract between an insured and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of the insured person.

QWhat is Marine Insurance ?
AMarine insurance refers to insurance that covers the loss or damage of ships, cargo, terminals and any transport or cargo through which property is transferred, held or acquired. In short, marine insurance policies are designed to cover loss or damage caused to boats and other watercraft.
QWhat does property insurance cover ?
AProperty insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft. It provides protection against most risks to property, such as fire, theft and some weather damage.