Question
a.
To expedite the legal process
b.
To make disputes public and costly
c.
To ensure decisions are made by the court of law
d.
To provide a less costly and private alternative for dispute resolution
Posted under IC38 Life Insurance Agent Exam
Interact with the Community - Share Your Thoughts
Uncertain About the Answer? Seek Clarification Here.
Understand the Explanation? Include it Here.
Q. What is the main purpose of arbitration in settling disputes arising from contracts?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
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
Q. What is the purpose of mentioning the grievance redressal mechanism in insurance policies as per IRDAI regulations?
View solution
Q. In personal lines of business insurance, what can a dissatisfied insured do to resolve their issues?
View solution
Q. Is the decision of an Insurance Ombudsman binding on the insured?
View solution
Q. Where can one find the details of the Insurance Ombudsman's office?
View solution
Q. What is the primary role of the Insurance Ombudsman in resolving disputes?
View solution
Q. Which of the following activities would not be categorised under professional settlement of claims?
View solution
Recommended Subjects
Are you eager to expand your knowledge beyond IC38 Life Insurance Agent Exam? We've handpicked a range of related categories that you might find intriguing.
Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!
