Claim repudiation and claim rejection are two different processes that are related to the insurance industry. In…
When it comes to protecting yourself from insurance frauds, it pays to be vigilant. There are many…
The IRDAI has instructed insurers to expedite the settlement of claims related to the Odisha train accident. Passengers with confirmed tickets and travel accident insurance can avail coverage for death, permanent total disability, and medical expenses. Claimants must submit specific documents, including reports from the Railway Authority. Legal heirs are advised to check the bank passbook for insurance coverage. While LIC has announced relaxation in document requirements, private insurers have not made similar public announcements.
LIC Relaxes Claim Settlement Process for Balasore Train accident Victims: Providing Financial Relief and Support LIC relaxes…
Don’t Ruin Your Profession: Get Professional Indemnity Insurance What is Professional Indemnity Insurance? Professional Indemnity Insurance (PII),…
Discover the new ruling that brings relief to life insurance policyholders. Claims can now be made after 3 years of policy commencement, irrespective of mis-statements. Learn about the implications for both consumers and insurance companies. Find out why accurate disclosure is vital during the application process. Explore the tags: life insurance, claims, policy commencement, mis-statements, insurance regulations, policyholders.
Frauds In Insurance: Protect Yourself and Stay Informed
Insurance fraud is a serious problem in India, costing the industry billions annually and hindering genuine policyholders from obtaining necessary coverage. Common types of fraud include false claims, forged documents, non-disclosure of facts, over-invoicing, and duplicate claims. Fraud leads to increased insurance costs, difficulty in securing coverage, and potential criminal prosecution. The IRDAI takes steps to combat fraud through awareness, regulation, technology, and collaboration with law enforcement. However, insurance fraud remains a major issue, costing over Rs. 10,000 crore each year. Stay vigilant, understand fraud types, read policies carefully, ask questions, and report suspicions to protect yourself.
Looking for comprehensive information on the types of insurance plans in India? This article provides a detailed description and highlights the salient features of various insurance plans available in India. Read on to understand the different types of insurance plans and make an informed decision.
🔑 Mis-selling in insurance refers to unethical or fraudulent practices in selling insurance policies.
🔑 It involves making false or misleading statements, withholding important information, or pressuring consumers into unsuitable policies.
🔑 Examples of mis-selling include selling policies to those who don’t need them and making false promises about returns or benefits.
🔑 To avoid mis-selling, consumers should research, ask questions, read the policy carefully, be wary of high-pressure sales tactics, and seek professional advice.
🔑 Taking these steps will help consumers make informed decisions and choose the right insurance policy for their needs.
What is maturity benefit? Life insurance is a tool that may be used in financial planning that…
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