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

A	ESIC
B	RBI
C	Finance Ministry
D	Government of India

Explanation:

Detailed explanation-1: -The Insurance Ombudsman scheme was created by the Government of India for individual policyholders to have their complaints settled out of the courts system in a cost-effective, efficient and impartial way.

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: -Is there any time limit to approach the Ombudsman? Yes. Within one year of the rejection by the insurer of the?? representation of the complainant or the Insurer’s final reply to the representation.

There is 1 question to complete.