Q. What are "Standard claims" in insurance?

View solution

Q. What does the "Condition of average or average clause" penalize?

View solution

Q. What are "Act of God" perils in insurance?

View solution

Q. What is the purpose of surveyors appointed for catastrophic losses in insurance?

View solution

Q. Why do insurers' officials visit the scene of loss in major losses?

View solution

Q. What is the purpose of "On account payment" in non-life insurance claims?

View solution

Q. What is the purpose of "Discharge vouchers" in insurance claim settlements?

View solution

Q. In which situation does the sum insured under a fire policy stand reduced?

View solution

Q. What happens to a personal accident policy after the payment of the capital sum insured?

View solution

Q. How does post-settlement action in non-life claims relate to underwriting?

View solution

Q. What is "Salvage" in the context of insurance claims?

View solution

Q. How do insurers recover losses from third parties who may be responsible for a loss?

View solution

Q. What common reasons might lead to disputes between insurers and the insured regarding claims?

View solution

Q. What is the condition "Arbitration" commonly found in insurance policies?

View solution

Q. In non-life claims, what happens to damaged property referred to as "Salvage" after a claim is settled?

View solution

Q. What is the main purpose of arbitration in settling disputes arising from contracts?

View solution

Q. Who can conduct arbitration in dispute resolution?

View solution

Q. In insurance policies, which types of disputes are commonly subject to arbitration?

View solution

Q. What is the typical role of an Umpire in the arbitration process?

View solution

Q. Under what circumstances are disputes about liability typically settled in insurance claims?

View solution