Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
Page 35 Of 55
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A life insurance company is required to settle or dispute the claim within 30 days from the date of receipt of the last requirement from the claimant.
The motive behind the Key Feature Document is to ensure fair treatment to policyholders.
The temporary insurance certificate issued to the customer before issuing the insurance policy known as cover note.
A proposal should be processed by the insurer within 15 days.
The penal interest that the insurance company has to give to the claimant in case of delay in payment of claim is 2% above the prevailing bank rate
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IC 14 - Regulation of Insurance Business
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