Chapter 13

1. Issuance of License to a person has been stipulated in Section 42 of the Insurance Act, 1938.
2. Among the various financial needs the Income Protection for the family is the 1^st Financial Need that is most important.
3. The Insurance Institute of India was formed in the Year 1955.
4. A person can take ADB i.e. Accidental Death Benefit Rider Up to the Basis Insurance Cover he has opted for.
5. Basic Qualification to become an Agent is that He / She should be of Sound Mind and should be 10+2/10^th by Qualification.
6. 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.
7. 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.
8. If it is proved that an agent is offering Rebates to its Customers to get insurance Policies then that agent can be terminated.
9. Board of Insurance Is related to IRDA.
10. 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.
11. Investment by Foreign Direct Investors in Insurance Companies is restricted to 26% or 0.26
12. Ombudsman Passes an Award within 1 Month.
13. The Face of Life Insurance Industry in India is Life Insurance Council.
14. IRDA has created a Call Center for logging of a complaint.
15. Representatives of all Insurance Companies Represents the Members of GBIC i.e. Governing Body of Insurance Council.
16. The Eligible Age to Become a Life Insurance Agent is 18 Years.
17. 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.
18. Insurance Institute of India i.e. III is the Training Institute for providing Training to insurance agents.
19. If an agent shares information that he has collected while doing Fact Finding Activity with a client then his License can be cancelled.
20. The Role of National Insurance Academy is to Undertake Training Activities. f

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