Q. What are the two main types of claims in life insurance?

View solution

Q. What is the purpose of Section 45 of the Insurance Act?

View solution

Q. What role is expected of an insurance agent in the claim process for a life insurance policy?

View solution

Q. How much interest does a life insurance company need to pay on the claim amount in case of a delay in processing the claim for reasons other than improper identification?

View solution

Q. What interest rate is applicable if a claim is ready for payment but cannot be made due to improper identification of the payee?

View solution

Q. What is the maximum time period insurers have to process a death claim under a life insurance policy as per IRDAI (Protection of Policyholders' Interests) Regulations, 2017?

View solution

Q. Under what section of the Insurance Act, 1938 is a policy of life insurance protected from being called into question after three years from the policy's issuance date?

View solution

Q. What happens if the insurer detects incorrect statements or material facts suppression in a death claim?

View solution

Q. What forms are typically submitted for a death claim in a life insurance policy?

View solution

Q. When is a death claim considered "early" in a life insurance policy?

View solution

Q. What does a death claim typically include in a life insurance policy?

View solution

Q. What is a death claim in a life insurance policy?

View solution

Q. What happens to the policy contract when a maturity claim is paid?

View solution

Q. What is the purpose of a critical illness rider in a life insurance policy?

View solution

Q. When can a life insurance policy be surrendered?

View solution

Q. What is the surrender value of a life insurance policy?

View solution

Q. What are survival benefit payments in a life insurance policy?

View solution

Q. Why is it important to educate policyholders about conditional assignments in critical illness benefits?

View solution

Q. What happens to the insurance cover under a life insurance contract when a death claim is paid?

View solution

Q. How are critical illness claims typically ascertained in life insurance?

View solution