- Issuance of License to a person has been stipulated in Section 42 of the Insurance Act, 1938.
- Among the various financial needs the Income Protection for the family is the 1st Financial Need that is most important.
- The Insurance Institute of India was formed in the Year 1955.
- A person can take ADB i.e. Accidental Death Benefit Rider Up to the Basis Insurance Cover he has opted for.
- Basic Qualification to become an Agent is that He / She should be of Sound Mind and should be 10+2/10th by Qualification.
- If there is No Claim in a year then the Customer gets Benefit in the Form of Reduction in Next Year’s premium as No Claim Bonus.
- If a Valid Claim Is delayed by the Insurer then after the Lapse of 30 Days from the admission of the Claim, insurance company has to pay the interest.
- If it is proved that an agent is offering Rebates to its Customers to get insurance Policies then that agent can be terminated.
- Board of Insurance Is related to IRDA.
- Tariff Advisory Committee Controls and Regulates the Rates, Advantages, Terms and Conditions that may be offered by the Insurer in respect of General Insurance Business.
- Investment by Foreign Direct Investors in Insurance Companies is restricted to 26% or 0.26
- Ombudsman Passes an Award within 1 Month.
- The Face of Life Insurance Industry in India is Life Insurance Council.
- IRDA has created a Call Center for logging of a complaint.
- Representatives of all Insurance Companies Represents the Members of GBIC i.e. Governing Body of Insurance Council.
- The Eligible Age to Become a Life Insurance Agent is 18 Years.
- Life Insurance Council Focuses on creating a positive image of the insurance industry and would also like to enhance the Consumer’s Confidence on the same.
- Insurance Institute of India i.e. III is the Training Institute for providing Training to insurance agents.
- If an agent shares information that he has collected while doing Fact Finding Activity with a client then his License can be cancelled.
- The Role of National Insurance Academy is to Undertake Training Activities. f
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