Insurance MCQ Questions and Solutions with Explanations | Commerce

As per IRDA regulations issued, 30 days is the grace period allowed beyond the expiry date of a policy for renewal. The policy will lapse if the premium is not paid within the grace period.

IRDA (Protection of Policyholders' Interests) Regulations, 2002 regulation deals with claim procedure. These regulations shall come into force from the date of their publication in the official Gazette of the Government of India and supersede Insurance Regulatory and Development Authority (Protection of Policyholders' Interests) Regulations, 2002 and any clarification circulars/guidelines issued in this regard.

Maturity claim cheques are paid to trustee is true with regard to MWP Act cases.

Insurance Ombudsman will be the most appropriate option for an aggrieved customer to lodge an insurance policy related complaint. The Insurance Ombudsman will not accept your complaint until you have first filed a complaint with IRDA.

The Ombudsman functions within a set geographical jurisdiction and can entertain disputes relating to partial/total repudiation of claims, delay in settlement of claims, any dispute on the legal construction of the policies in so far as such disputes relate to claims, disputes regarding premium paid or payable in terms of the policy and non-issuance of insurance documents.

The complaint is to be made in writing. Send a written complaint, with supporting documents, to the insurer's grievance redressal officer, and get an acknowledgement.

An insurance contract terminates after claim is paid.

The following proofs are required for payment of a death claim:
(i) An intimation of death by the nominee or a near relative.
(ii) Proof of age if not already admitted.
(iii) Proof of death.
(iv) Doctor's certificate who attended the deceased during his last illness.
(v) Identity certificate from a reputable person who saw the body of the deceased life assured.
(vi) Certificate of cremation or burial from a reputable person who attended the funeral.
(vii) An employer certificate if any, of the deceased.

"Declaration of good health" is not required to be submitted.

As per the Indian Contract Act, 1972, life insurance contract is a legally enforceable contract between the insurer and the insured.

Health plus life combo products would mean a combination of health insurance from a non-life company and life cover from a life insurance company and health insurance from a standalone health company and life cover from a life insurance company.