Q. What is the primary objective of offering a free look period?

View solution

Q. Why is a free look period advantageous for insurance companies?

View solution

Q. What is the timeframe for sending the original documents and cancellation application to the insurance company during the free-look period?

View solution

Q. What deductions are typically made by the insurance company when a policy is canceled during the free-look period?

View solution

Q. In unit-linked insurance plans, how are changes in the net asset value (NAV) during the free-look period handled?

View solution

Q. What details should be clearly stated in a life insurance policy according to regulatory requirements?

View solution

Q. How should the insurer inform the insured about the free look period?

View solution

Q. What additional right does the insurer have in respect of unit-linked policies upon cancellation?

View solution

Q. What obligation does the insurer have regarding the insured's age in policies where premium depends on age?

View solution

Q. How often should the insurer inform the insured regarding claim procedures?

View solution

Q. What is the timeframe within which a life insurance company should process a claim upon receiving it?

View solution

Q. If additional documents are required for processing a life insurance claim, when should the insurer raise queries or request additional documents?

View solution

Q. In case an investigation is warranted for a life insurance claim, when should the insurance company initiate and complete the investigation?

View solution

Q. What action should a life insurance company take if a claim is ready for payment but cannot be made due to identification issues?

View solution

Q. In case of delay by the insurer in processing a life insurance claim, at what rate should interest be paid on the claim amount?

View solution

Q. What is the recourse available to a policyholder if they are dissatisfied with the decisions taken by the insurer?

View solution

Q. What is the maximum timeframe within which a surveyor should communicate his findings to the insurer after appointment?

View solution

Q. In case a survey report is found incomplete, within what timeframe should the insurer request an additional report?

View solution

Q. How long does a surveyor have to furnish an additional report upon receiving a request from the insurer?

View solution

Q. Within what timeframe should an insurer offer a settlement of the claim to the insured upon receiving the survey report?

View solution