Insurance - Study Mode

[#241] What fee is payable by the aggrieved person to the District Consumer Forum while filing his complaint?
Correct Answer

(D) No fee is payable

Explanation

Solution: No fee is payable by the aggrieved person to the District Consumer Forum while filing his complaint.

[#242] State the correct position
Correct Answer

(A) In Money Back Claim on maturity the balance sum alone is payable along with attached bonus, if any

Explanation

Solution: In Money Back Claim on maturity the balance sum alone is payable along with attached bonus, if any.

[#243] As per IRDA Regulations 2002, a decision in a claim is to be taken by the insurer within how many days of submission of requirements by the claimant?
Correct Answer

(D) 30 days

Explanation

Solution: As per IRDA Regulations 2002, a decision in a claim is to be taken by the insurer within 30 days of submission of requirements by the claimant.

[#244] State the correct position out of the following.
Correct Answer

(B) No agent can do insurance business without a valid licence under sec.42 of the Insurance Act 1938

Explanation

Solution: No agent can do insurance business without a valid licence under sec.42 of the Insurance Act 1938. The Insurance Act, 1938 is a law originally passed in 1938 in British India to regulate the insurance sector. It provides the broad legal framework within which the industry operates.

[#245] Fees payable to the IRDA for issue of licence to act as an agent of an insurance company are
Correct Answer

(C) Rs.250

Explanation

Solution: Rs. 250 is the fees payable to the Authority for issue/ renewal of licence to act as an insurance agent or composite insurance agent. The Authority may issue duplicate licence in case it is lost. If an agent is found guilty of criminal misappropriation the designated person will cancel the license.