Insurance Awareness - Life Insurance - LIC
In case of a missing original policy document during claim settlement, what is the usual procedure followed by insurers?
In case of a missing original policy document during claim settlement, what is the usual procedure followed by insurers?
medium Q7 of 15
Step-by-Step Solution
Step 1: Understand missing policy document scenario
Original policy document is crucial but sometimes lost or misplaced.Step 2: Insurer's procedure
Insurers require a police complaint for loss and an indemnity bond from claimant to protect against fraud.Step 3: Eliminate incorrect options
Claim is not rejected outright; duplicate certificate is not issued by insurer; claim cannot be settled without documents.Final Answer:
Claimant must file a police complaint and indemnity bond → Option DQuick Check:
This procedure safeguards insurer and claimant interests.
Quick Trick: Police complaint + indemnity bond for lost policy.
Common Mistakes:
MISTAKES- Assuming claim rejection or duplicate certificate issuance.
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