Insurance - Study Mode

[#761] Which of the following will be the most appropriate option for an aggrieved customer to lodge an insurance policy related complaint?
Correct Answer

(C) Insurance Ombudsman

Explanation

Solution: Insurance Ombudsman will be the most appropriate option for an aggrieved customer to lodge an insurance policy related complaint. The Insurance Ombudsman will not accept your complaint until you have first filed a complaint with IRDA.

[#762] Which of the following statements is correct with regard to the territorial jurisdiction of the Insurance Ombudsman?
Correct Answer

(D) Insurance Ombudsman operates only within the specified territorial limits

Explanation

Solution: The Ombudsman functions within a set geographical jurisdiction and can entertain disputes relating to partial/total repudiation of claims, delay in settlement of claims, any dispute on the legal construction of the policies in so far as such disputes relate to claims, disputes regarding premium paid or payable in terms of the policy and non-issuance of insurance documents.

[#763] How can a complaint be launched with an Insurance Ombudsman?
Correct Answer

(A) The complaint is to be made in writing

Explanation

Solution: The complaint is to be made in writing. Send a written complaint, with supporting documents, to the insurer's grievance redressal officer, and get an acknowledgement.

[#764] An insurance contract terminates after _________ is paid.
Correct Answer

(D) Claim

Explanation

Solution: An insurance contract terminates after claim is paid.

[#765] Which of the following forms is not required for settlement of a death claim?
Correct Answer

(A) Declaration of good health

Explanation

Solution: The following proofs are required for payment of a death claim: (i) An intimation of death by the nominee or a near relative. (ii) Proof of age if not already admitted. (iii) Proof of death. (iv) Doctor's certificate who attended the deceased during his last illness. (v) Identity certificate from a reputable person who saw the body of the deceased life assured. (vi) Certificate of cremation or burial from a reputable person who attended the funeral. (vii) An employer certificate if any, of the deceased. "Declaration of good health" is not required to be submitted.