Insurance - Study Mode

[#406] What is the set time limit for completing a claim investigation?
Correct Answer

(B) 6 months

Explanation

Solution: The set time limit for completing a claim investigation is 6 months.

[#407] Who is the person that arranges for a customer to get the necessary insurance?
Correct Answer

(A) An agent

Explanation

Solution: An agent is the person that arranges for a customer to get the necessary insurance. An agent is a person who represents an insurance firm and sells insurance policies on its behalf. Description: Generally, there are two types of such agents who reach the prospective parties that may be interested in buying insurance. These are independent agents and captive or exclusive agents.

[#408] What is correct in the following sentences?
Correct Answer

(D) All of the above

Explanation

Solution: All the above statements are correct. Claim is a demand on the insurer to honour contractual commitment to pay the policy money to the claimant, It s request made to the insurer by the claimant to settle payment and While in some claims, the contract comes to an end with payment in other cases the contract continues.

[#409] State the correct position in a missing assured death claim
Correct Answer

(D) All of the above

Explanation

Solution: All the statements are correct. Payment is subject to an order from a competent court of law, Payment will depend on the policy status as on the date of the court order and Seven year waiting period is as per the Indian Evidence Act.

[#410] What is the main objective of IRDA Regulations 2000?
Correct Answer

(B) Protection of policyholder and development of orderly growth of insurance business

Explanation

Solution: The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.