Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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Accidental Death Benefit Rider - Sum Assured is payable in case of death due to accident. This is in addition to the base sum assured
Permanent Disability Benefit - An additional sum equal to the sum assured, payable in instalments over a specified period of years, say 10 years. The future premiums are waived. It is neither a death claim nor a maturity claim. The policy does not end with the settlement.
Some insurers offer policyholders an option to collect the maturity benefit amount in instalments over a period of years. This option is also known as the settlement option.
The insurer should ask for the requirements in case of death claim at one time,and not as piecemeal.
The decision to admit or to repudiate a claim should be made within 30 days of receipt of all papers.
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