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 2
As per IRDA regulations issued, 30 days is the grace period allowed beyond the expiry date of a policy for renewal. The policy will lapse if the...
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 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...
