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Claims
EssentialElements of Insurance
Concept of Claim
Beneficiaries under Life Insurance claims
Claims Payment on Maturity
Claims payment on Death
Disputes in Life Insurance Claims
Settlements of Claims
Limitation of claims
Concept of Insurable Interest
Proximate Cause
Claim is a right of insured to
receive the amount secured under
the policy of insurance contract
promised by Insurer.
Beneficiary depends on the following
conditions:-
Nomination
Transfer
Assignment
The amount insured or face value of policy
4. Proof of Age
6. Death certificate
Proof of Death
Identification
of assignee, nominee or the legal heir to
whom the payment is to be made
Settlement within sixty days if no Dispute
Administrative concessions
Ex-Gratia
Case study
Kantiben took life insurance policy on 2-3-97
for two lakh & paid premium regularly
In 1999 she was diagnosed as suffering from
cancer
Continued to pay premium without any notice
to LIC & She expired in 2 feb 2000
Nominee approached to LIC for claim
LIC refused to pay on the basis of fraudulent
to not report her health status when she was
required to do so.
Nominee approached to State commission for
justice
Case study
Dharam took policy on 3-7-96 with FIL for 5
lakh & submitted his medical report
After two year he diagnosed Rheumatic Heart
disease & died on 11-9-99
His wife claimed for payment
FIL repudiated the claim on context of hiding
information about disease
His wife then approached to state commission
for justice