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Claims and Settlement: Module - 3
Claims and Settlement: Module - 3
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Notes
7.0 INTRODUCTION
The Insurance Policy is taken by the consumers to compensate
them in the event of happening of an unforeseen event. It is a
hedge against unavoidable circumstances. In general
insurance the loss is payable only on happening of some
specific event. If the insured does not suffer any loss no claim
is paid to him. The premium is charged on yearly basis and
no accumulation takes place. However the scenario is different
in case of life insurance. If the insured dies during the policy
period he gets the sum assured along with the bonus accrued
under the policy if any. If the insured survives the policy period
he gets the maturity amount accrued under the policy. In this
lesson we shall learn the various aspects in settlement of life
insurance claim.
7.1 OBJECTIVES
After going through this lesson you will be able to
z
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2.
3.
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Practice of Life Insurance
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2.
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2.
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2.
3.
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2.
3.
4.
5.
6.
7.
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6.
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2.
If the life assured dies during the term of the policy, the
death claim arises
7.2
1.
2.
7.3
1.
2.
3.
2. d
3. d
4. c
5. b
6. c
7. b
8. b
9. b
10. c
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