Ethical behaviour - placing the customer's interest before self, Full and adequate disclosure of all facts to the clients and Maintaining confidentiality of client's business and personal information
If the dispute is not settled by intermediation, the Ombudsman will pass award to the insured which he thinks is fair, and is not more than what is necessary to cover the loss of the insured.
As far as insurance business is concerned, the majority of consumer disputes fall in categories such as delay in settlement of claims, non-settlement of claims, repudiation of claims, quantum of loss and policy terms, conditions
Composite Insurance Agent?means an individual who is appointed as an insurance agent by two or more insurers subject to the condition that he/she shall not act as insurance agent for more than one life insurer, one general insurer, one health insurer and one of each of the mono-line insurers
Mono-Line Insurer - carrying on one particular specialized line of business such as agriculture insurance, export credit guarantee business
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