Insured Entity is the Individual/company body (not the vehicle- as is commonly believed) who is the owner of the vehicle. The insurer (banks or financial institutions) give an insurance to the insured entity, that in the eventuality of something going wrong with the product, Insurance company is liable to pay the cost of the damage, upto the IDV (Insured Declared value) to the individual.
This is with certain assumptions like:
1) the insurance is active and not expired.
2) The event (accident or theft) does not fall in one of the exclusion list categories.
3) The claims are duly made, with all the paperwork, with a authorized service station (in case of accident).
4) There is no wrong intention on the part of the insured entity or the service center to charge the insurance company extra or wrong amounts.
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