GENERAL KNOWLEDGE

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GK

INSURANCE AWARENESS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A demand made by the insured, or the insured’s beneficiary, for payment of the benefits as provided by the policy is known as ____
A
Claim
B
Request
C
Aggregate
D
Demanding
Explanation: 

Detailed explanation-1: -Definition: Claim amount can be defined as the sum payable at the maturity of an insurance policy or upon death of the person insured to the beneficiary or the nominee or the legal heir of the insured.

Detailed explanation-2: -An insurance claim is a formal request to your insurance provider for reimbursement against losses covered under your insurance policy. Insurance is a financial agreement between you and your insurer.

Detailed explanation-3: -Types of Term Insurance Claims They are: Death benefit claim. Maturity benefit claim (Only in case of Term Insurance with Return of Premium or TROP) Rider benefit claim.

Detailed explanation-4: -Upon the death of the insured the policy is designed to pay the proceeds in cash called a lump sum. As a rule this lump sum is NOT taxable as income.

There is 1 question to complete.
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