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American vs Indian Insurance policy

American Insurance companies are the best insurance companies in the world. All American insurance companies are regulated by the National Association of Insurance Commissioners (NAIC). Every American is covered by health insurance, however, in Indian the scenario is different. In India half of the population do not have a health insurance although insurance is introduced in India in 1818.



Here are few major differences between American and Indian Health insurance policy

  1. In the United States it is mandatory for every individual to be covered with a health insurance, in India it is not.
  2. In the United States it is mandatory for every employer to cover their employee with a health insurance, again in India an employer is not obligated to get an insuran for its employees
  3. In India health insurance only covers charges for hospitalization, however in the US it covers even small ailments like viral fever.
  4. In the US employer is responsible for health insurance of its employee even after resignation till the time he/she gets a new job.
  5. One positive point for India is the premium amount, in the US the premium rates are much more higher than in India.
  6. As America is having Federal system of governance, each state has different sets of health insurance policies, In India it is centralized.


Here are few major differences between American and Indian Car/Auto insurance policy

  1. In India it is mandatory to insure your car before you bring it on road. Its the same in the US except in Virginia and New Hampshire.
  2. "Third-Party Liability Insurance Cover" covers everything in India except your car, in the USA it is called Auto liability coverage, it does the same plus it covers the lawsuit cost. 
  3. In the United State, car insurances are state dependent, in India it is not.

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About the Author
Paul William
Author: Paul William
I am an American Economist (Ph.D. MIT). Over 1981-88, I was an Assistant Professor of Economics at the City University of New York. I have also assisted the Republic Government of USA I have worked in several countries in Europe and Africa as a consultant. I have also been a consultant for a variety of U.S. agencies. These include the D.C. Public Service Commission, the D.C. Department of Energy and Wind and Solar Energy California.

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