If the claim could not be settled for want of proper identification of a payee, the insurer shall pay interest at the rate of

A. Savings bank account

B. Bank interest + 2%

C. 5.00%

D. 10%

Answer: Option A

Solution(By Examveda Team)

If the claim could not be settled for want of proper identification of a payee, the insurer shall pay interest at the rate of savings bank account.