Question

In what scenarios should insurers be especially vigilant regarding overpayment of premiums?

a.

When the insured has a good relationship with the representative of the company

b.

When the overpayment is of a huge amount or the size or regularity of overpayments is suspicious

c.

When the request to refund the excess premium was to a third party

d.

When the overpayment is made through wire transfers

Posted under IC 14 Regulations of Insurance Business

Answer: (b).When the overpayment is of a huge amount or the size or regularity of overpayments is suspicious Explanation:Insurers should be especially vigilant regarding overpayment of premiums when the overpayment is of a huge amount or the size or regularity of overpayments is suspicious.

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