What does MAIB mean in INSURANCE
MAIB stands for Motor Accident Insurance Board. It is a statutory body established under the Motor Accident Insurance Act of 1972. The primary objective of MAIB is to provide financial assistance to victims of motor accidents in India.
MAIB meaning in Insurance in Business
MAIB mostly used in an acronym Insurance in Category Business that means Motor Accident Insurance Board
Shorthand: MAIB,
Full Form: Motor Accident Insurance Board
For more information of "Motor Accident Insurance Board", see the section below.
Functions of MAIB
- Provides compensation to victims of motor accidents, irrespective of fault.
- Covers both third-party liability and own-damage claims.
- Ensures prompt and efficient settlement of claims.
- Promotes road safety and awareness through various initiatives.
Coverage Provided by MAIB
- Bodily injuries or death caused by motor accidents.
- Damage to property resulting from motor accidents.
- Loss of income due to injuries sustained in motor accidents.
Process for Claiming Compensation
- File a claim with MAIB within the specified time frame.
- Submit necessary documents, including medical records and police reports.
- Attend medical examinations as required by MAIB.
- Receive compensation after the claim has been processed and approved.
Role of MAIB in Road Safety
Beyond providing compensation, MAIB actively promotes road safety by:
- Conducting road safety audits and identifying accident-prone areas.
- Implementing awareness campaigns to educate the public on traffic rules and safe driving practices.
- Collaborating with other organizations to promote road safety initiatives.
Essential Questions and Answers on Motor Accident Insurance Board in "BUSINESS»INSURANCE"
What is the Motor Accident Insurance Board (MAIB)?
The MAIB is a statutory body established by the Motor Accident Insurance Act 1991. It is responsible for administering and regulating the compulsory third-party motor accident insurance scheme in Malaysia.
What is compulsory third-party motor accident insurance?
Compulsory third-party motor accident insurance, also known as liability insurance, is a legal requirement for all motor vehicle owners in Malaysia. It provides coverage for bodily injuries or death to third parties caused by the insured vehicle.
What types of vehicles are covered by MAIB insurance?
MAIB insurance covers all private and public motor vehicles, including cars, motorcycles, lorries, buses, and taxis.
What does MAIB insurance cover?
MAIB insurance covers the following:
- Bodily injuries or death to third parties
- Medical expenses up to RM10,000
- Funeral expenses up to RM2,000
- Loss or damage to third-party property (up to a specified limit)
How much is MAIB insurance premium?
MAIB insurance premiums vary depending on the type and age of the vehicle. The premium is reviewed and adjusted annually by MAIB.
How do I make a claim under MAIB insurance?
To make a claim under MAIB insurance, you must:
- Report the accident to the police within 24 hours
- Obtain a police report
- Submit a claim form to MAIB within 60 days of the accident
- Provide supporting documents, such as medical bills and receipts
What are the benefits of MAIB insurance?
MAIB insurance provides several benefits, including:
- Peace of mind knowing that you are protected against financial liability in the event of an accident
- Access to medical treatment and financial assistance in case of bodily injuries
- Protection for your passengers and other road users
Final Words: MAIB plays a crucial role in providing financial assistance to victims of motor accidents and promoting road safety in India. Through its efficient claim settlement process and safety initiatives, MAIB contributes to the welfare and well-being of Indian citizens.