Page 3 - Insurance Claims

What are the implications of overdue premium? Here's what expert says

If the premium payment remains overdue even after the grace period, the policy lapses and usually the benefits of the policy are no longer available to the policyholder

Insurers see rise in health claims; lockdown reduces motor segment demands

Fewer claims are supposed to improve the insurers' loss ratio in the motor segment, but the industry is divided on this

Covid-19 crisis: Insurers cannot decline death claim settlements

All life insurers, both public and private, are committed to process any death claim pertaining to COVID-19 at the earliest,the Council said in a statement

Coronavirus: Trade credit insurance sector may see rise in claims

Trade credit insurance covers a supplier of goods and services against the risk of non-payment by its customers because of wilful default or insolvency

Insurers to pay penal interest for delay in settling health claims

The regulator on Monday issued an exposure draft on guidelines on standardisation of general clauses in health insurance policies contracts

Compensation for unfair rejection

The insurer claimed that Jawadkar's wife had committed suicide. However, it could not produce any proof of the same

Can't reject claims based on new issues

An insured who is aggrieved by the repudiation of this claim can challenge the repudiation by filing a consumer complaint

Insurance claim can't be denied due to delay in filing it: Supreme Court

If the reason for the delay in making a claim is satisfactorily explained, such a claim cannot be rejected: SC

Consumer Protection: Insurer liable to pay interest for delay

However, invariably there are inordinate delays in settlement

What happens when insurance proposal form conceals material facts?

Non-disclosure of other policies cannot be a ground for repudiation of an insured person's claim

Don't touch accident vehicle until inspection

A consumer must not act in haste and must wait for the vehicle to be first inspected by the surveyor

Kidney claims highest among youngsters

From 2011 to 2015, the highest number of claims was from the 19-25 years age group