Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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The insured can nominate a family member/s to receive the policy moneys in the event of his death. Nomination can be made at the time of taking the policy or anytime during the tenure of the policy.
No person is allowed to either directly or indirectly offer an inducement to any person to take or renew or continue an insurance policy.
An insurer can repudiate the policy on the ground that any material fact in the proposal or document in inaccurate or false within two years from the date of the policy.
For policies under Sickness Insurance, Group Personal Accident Insurance, Medical Benefits Insurance and Hospitalization Insurance Schemes, the installment of the premium covering a particular period must be paid within 15 days from the date of commencement of that period.
The instrument through which a transfer or assignment of a policy of life insurance is made must be signed, attested and stamped.
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