ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -GOALS OF THE CLAIMS FUNCTION The goals of the claims department include keeping the insurer’s promise made in the policy and supporting the insurer’s profit goal. People purchase property-casualty insurance policies to protect against finan-cial losses.

Detailed explanation-2: -1. Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India.

Detailed explanation-3: -Insurance contracts are unilateral, meaning that only the insurer makes legally enforceable promises in the contract. The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions.

Detailed explanation-4: -The claimant must submit the written intimation as soon as possible to enable the insurance company to initiate the claim processing. The claim intimation should consist of basic information such as policy number, name of the insured, date of death, cause of death, place of death, name of the claimant.