C06 Claims Processing MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on C06 Claims Processing, a fundamental topic in the field of IC38 Life Insurance Agent Exam. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our C06 Claims Processing MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of C06 Claims Processing mcq questions that explore various aspects of C06 Claims Processing problems. Each MCQ is crafted to challenge your understanding of C06 Claims Processing principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC38 Life Insurance Agent Exam tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our C06 Claims Processing MCQs are your pathway to success in mastering this essential IC38 Life Insurance Agent Exam topic.

Note: Each of the following question comes with multiple answer choices. Select the most appropriate option and test your understanding of C06 Claims Processing. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

So, are you ready to put your C06 Claims Processing knowledge to the test? Let's get started with our carefully curated MCQs!

C06 Claims Processing MCQs | Page 3 of 4

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Q21.
In non-life claims, what happens to damaged property referred to as "Salvage" after a claim is settled?

a.

Salvage is automatically returned to the insured.

b.

Salvage is disposed of as recommended by surveyors.

c.

Salvage becomes the property of third parties responsible for the loss.

d.

Salvage is retained by the insurer as additional compensation.

Discuss
Answer: (b).Salvage is disposed of as recommended by surveyors. Explanation:After a non-life insurance claim is settled, "Salvage" is disposed of according to the recommendations of surveyors.
Q22.
What is the main purpose of arbitration in settling disputes arising from contracts?

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

Discuss
Answer: (d).To provide a less costly and private alternative for dispute resolution Explanation:Arbitration is used as a less costly and private alternative for resolving contract disputes.
Q23.
Who can conduct arbitration in dispute resolution?

a.

Only the court of law

b.

A single arbitrator or more arbitrators chosen by the parties

c.

Government-appointed arbitrators

d.

Public arbitrators only

Discuss
Answer: (b).A single arbitrator or more arbitrators chosen by the parties Explanation:Arbitration can be conducted by a single arbitrator or more arbitrators chosen by the parties involved in the dispute.
Q24.
In insurance policies, which types of disputes are commonly subject to arbitration?

a.

Disputes relating to the policy's legal validity

b.

Disputes regarding questions of liability

c.

Disputes related to the policy's premium amount

d.

Disputes about the policyholder's personal information

Discuss
Answer: (b).Disputes regarding questions of liability Explanation:Insurance policies often subject disputes related to questions of liability to arbitration.
Q25.
What is the typical role of an Umpire in the arbitration process?

a.

To side with one of the parties in the dispute

b.

To provide legal counsel to the arbitrators

c.

To make the final decision in case of disagreement between two arbitrators

d.

To represent the court of law in the arbitration proceedings

Discuss
Answer: (c).To make the final decision in case of disagreement between two arbitrators Explanation:The Umpire's role in arbitration is to make the final decision in case of disagreement between two arbitrators.
Q26.
Under what circumstances are disputes about liability typically settled in insurance claims?

a.

Through the formal arbitration process

b.

Through negotiations between the insurer and insured

c.

In court through litigation

d.

Automatically by the insurer

Discuss
Answer: (c).In court through litigation Explanation:Disputes regarding liability in insurance claims are usually settled through litigation in a court of law.
Q27.
What is the purpose of mentioning the grievance redressal mechanism in insurance policies as per IRDAI regulations?

a.

To explain the insurance policy terms to the insured

b.

To provide contact details for customer service inquiries

c.

To help the insured find a lawyer for legal disputes

d.

To inform the insured about the available means of resolving dissatisfaction with the insurer's service

Discuss
Answer: (d).To inform the insured about the available means of resolving dissatisfaction with the insurer's service Explanation:Mentioning the grievance redressal mechanism in insurance policies informs the insured about the means of resolving dissatisfaction with the insurer's service.
Q28.
In personal lines of business insurance, what can a dissatisfied insured do to resolve their issues?

a.

File a lawsuit against the insurer

b.

Contact the insurance regulator directly

c.

Approach an Insurance Ombudsman

d.

Arbitrate the dispute with the insurer

Discuss
Answer: (c).Approach an Insurance Ombudsman Explanation:A dissatisfied insured in personal lines of business can approach an Insurance Ombudsman to resolve their issues.
Q29.
Is the decision of an Insurance Ombudsman binding on the insured?

a.

Yes

b.

No

c.

It depends on the specific case

d.

The insured has the final say

Discuss
Answer: (b).No Explanation:The decision of an Insurance Ombudsman is binding on the insurer but not on the insured.
Q30.
Where can one find the details of the Insurance Ombudsman's office?

a.

Within the insurance policy itself

b.

On the website of the insurance company

c.

Through the insured's legal counsel

d.

Only after filing a grievance with the insurer

Discuss
Answer: (a).Within the insurance policy itself Explanation:The details of the Insurance Ombudsman's office are typically provided within the insurance policy itself.
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