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 period allowed is 15 days.
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 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 2
Free look period under a policy would commence on the date of receipt of policy bond. A policy holder can return the policy back to the insurer...
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 3
Rakesh recently bought a health insurance policy and a personal accident policy. The insurance market fall in Non-life insurance in both cases.
Answer: Option 1
If the insured person loses the original life insurance policy document the insurance company will issue a duplicate policy without making any changes to the contract. If...
