As per IRDA regulations issued, what is the grace period allowed beyond the expiry date of a policy for renewal?

Answer: Option 3 The function of IRDA is to regulate insurance business in India. For many years the insurance sector of India was protected. The IRDA Act of 1999 allowed...

Answer: Option 3 30 days grace period is allowed by the Regulator for renewal in health insurance policy.

Answer: Option 4 The duration of grace period in a policy is 31 days.

Answer: Option 2 One month not less than 31 days is the standard length of a grace period under a life insurance policy. The amount of time granted in an...

Answer: Option 3 The time limit set for an insurer by IRDA Regulations for calling for documents from the date of receipt of claim intimation is 15 days.

Answer: Option 4 The time limit set for an insurer by IRDA Regulations for settling non-early claims from date of receipt of all documents are 30 days.

Answer: Option 3 Prohibition writ is issued by a higher court to lower court when latter has overstepped its jurisdiction. Other writs are Habeas Corpus Mandamus Quo-Warranto and Certiorari.

Answer: Option 3 A free look period often lasts 15 days (depending on the insurer), allowing the contract holder to decide whether or not to keep the insurance policy; if...

Answer: Option 2 A free look period is where a new insurance policy owner is able to terminate the contract without penalties such as surrender charges, etc. The free look...

Answer: Option 3 If the policy holder does not pay the premium by the due date and dies during the grace period the insurer will pay the claim after deducting...