IC 14 - Regulation of Insurance Business Exam Study Notes

Any nomination can be at any time cancelled or changed before the policy matures. The notice of any cancellation or change in the nomination must be given in writing to the life insurance company.
Forms and documents used in the grand of cover may be made available in languages recognized under the Constitution of India. The proposal form should not be complex and too long
The free-look period option of a life insurance plan allows the customer to cancel the policy within 15 days of receipt of policy documents if he is not comfortable with its terms and conditions
Insurance Ombudsman was created by the Government of India for quick disposal of grievances of the insured customers and to mitigate their problems involved in redressal of those grievances
Every insurer carrying on life insurance business is required to give notice to the holder of life insurance policy informing him of the options available on lapsing of a policy, unless these are set forth in the policy

Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points