Insurance Awareness Quiz – Set 24 (Insurance Ombudsman)
Insurance Awareness Quiz: We have created quiz questions on Insurance Awareness which are most important for insurance exams. These questions and answers will guide you in all insurance exams like LIC (AAO/ADO), NIACL assistant and AO, UIIC, IRDA and other Bank PO exams and all competitive exams. So attempt these multiple choice questions now based on the exam pattern syllabus. The topic of this quiz is Insurance Ombudsman.
- Which of the following Insurance Ombudsman Rules is presently in effect?
A) Insurance Ombudsman Rules 2016
B) Insurance Ombudsman Rules 2015
C) Insurance Ombudsman Rules 2017
D) Insurance Ombudsman Rules 2018
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Option C
Explanation: Insurance Ombudsman Rules 2017
- Executive Council of Insurers of Insurance Ombudsman will consist of how many members (including chairperson)?
A) eight
B) six
C) ten
D) nine
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Option D
Explanation: There shall be an Executive Council of Insurers consisting of nine members including the Chairperson.
- An Insurance Ombudsman shall be appointed for a term of _____ years.
A) three
B) four
C) five
D) six
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Option A
Explanation: An Ombudsman shall be appointed for a term of three years and shall be eligible for reappointment. Provided that no person shall hold office as an Ombudsman after he has attained the age of seventy years.
- Presently how many Insurance Ombudsman are there in India?
A) 11
B) 15
C) 17
D) 19
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Option C
Explanation: There are at present 17 Insurance Ombudsman in different locations and any person who has a grievance against an insurer, may himself or through his legal heirs, nominee or assignee, make a complaint in writing to the Insurance ombudsman within whose territorial jurisdiction the branch or office of the insurer complained against or the residential address or place of residence of the complainant is located.
- You can approach Insurance Ombudsman if your Insurance Company did not respond to your complaint within ___ days.
A) 15 days
B) 30 days
C) 45 days
D) 60 days
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Option B
Explanation: You can approach the Ombudsman with complaint if: You have first approached your insurance company with the complaint and; They have rejected it; Not resolved it to your satisfaction or; Not responded to it at all for 30 days
- What is the maximum amount of award that Insurance Ombudsman can pass?
A) Rs 10 lakhs
B) Rs 20 lakhs
C) Rs 30 lakhs
D) Rs 40 lakhs
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Option C
Explanation: Insurance Ombudsman may not award compensation exceeding rupees thirty lakhs (including relevant expenses, if any).
- The Insurance Ombudsman shall finalise its findings and pass an award within a period of _____ months of the receipt of all requirements from the complainant.
A) one
B) two
C) three
D) four
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Option C
Explanation: The Ombudsman shall finalise its findings and pass an award within a period of three months of the receipt of all requirements from the complainant.
- The insurer shall comply with the award passed by Insurance Ombudsman within _____days of the receipt of the award and intimate compliance of the same to the Ombudsman.
A) 30
B) 15
C) 60
D) 45
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Option A
Explanation: If by mediation then 15 days; if by award then 30 days
- When a complaint is settled through mediation by the Insurance Ombudsman, then the insurer should comply with the terms of the recommendation within ___ days
A) 30
B) 15
C) 10
D) 45
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Option B
Explanation: The Ombudsman shall send to the insurer, a copy of its recommendation, along with the acceptance letter received from the complainant and the insurer shall, thereupon, comply with the terms of the recommendation immediately but not later than fifteen days of the receipt of such recommendation, and inform the Ombudsman of its compliance.
- The Advisory Committee constituted by IRDAI to review the performance of the Insurance Ombudsman can have a maximum of how many members?
A) three
B) six
C) nine
D) five
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Option D
Explanation: An Advisory Committee consisting of eminent persons not exceeding five and including one Central Government nominee shall be constituted by the IRDAI to review the performance of the Insurance Ombudsman from time to time.
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