The Insurance Ombudsman scheme was created by the Government of India for individual.....to have their complaints settled out of the courts system in a cost-effective, efficient and impartial way.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Insurance Ombudsman scheme was created by the Government of India for individual____to have their complaints settled out of the courts’ system in a cost-effective, efficient and impartial way.

A	customers
B	agents
C	policyholders
D	bankers

Explanation:

Detailed explanation-1: -Subsequently, the insurance ombudsman was set up after the government of India passed a notification dated 11th November, 1998. The insurance ombudsman is set up for quick disposal of the grievances of the insured customers and to resolve their grievances.

Detailed explanation-2: -Central government exercising power under sec 114(1) of The Insurance Act 1938 established insurance ombudsman by passing Redressal of public grievances rules in 1998.

Detailed explanation-3: -Complaint is to be lodged with the Insurance Ombudsman under whose territorial jurisdiction the insurer’s office falls, at the address provided in website / insurer communication which includes policy document.

Detailed explanation-4: -You can approach the Ombudsman with complaint if: a Delay in settlement of claims, beyond the time specified in the regulations, framed under the IRDAI Act, 1999. bAny partial or total repudiation of claims by the Life insurer, General insurer or the Health insurer.

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