Insurance - Study Mode

[#611] Are there any charges that need to be paid for lodging a complaint with ombudsman?
Correct Answer

(B) No fees or charges need to be paid

Explanation

Solution: No fees or charges need to be paid for lodging a complaint with ombudsman. All businesses are entitled to a number of “free” cases.

[#612] A non-early claim is a claim occurring after _________ of taking a policy of insurance.
Correct Answer

(C) Three years

Explanation

Solution: A claim occurring after three years is a non-early claim. IRDA has taken steps to settle claims older than 3 years too.

[#613] Surrender value is a percentage of
Correct Answer

(C) Paid-up value

Explanation

Solution: Surrender value is a percentage of paid-up value of the insurance policy. If a policyholder decides to terminate the policy before maturity, the amount which the insurance company will pay to the policyholder is known as surrender value.

[#614] At what stage in one’s life will savings make an impact on him?
Correct Answer

(A) Post retirement

Explanation

Solution: At Post retirement stage in one’s life will savings make an impact on him.

[#615] Which of the following consumer grievance redressal agencies would handle consumer disputes amounting between rupees 20 lakh and 100 lakh?
Correct Answer

(B) State Commission

Explanation

Solution: State Commission consumer grievance redressal agencies would handle consumer disputes amounting between rupees 20 lakh and 100 lakh.