A Study ofa Life Insurance Principle ‘Utmost Good Faith’ and Its Impact on Settlement of Claim.
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 7
Abstract
Life insurance is a financial security tool which gives an assertion to the life insured for the protection of the family members in his absence. The organization offers the family with a promised sum of money at the inception of the Contract. Life insurance thus guards ones family from pecuniary catastrophe acting as defensive shield. Life insurance policies also acts as a systematic investment to meet the financial goals that you experience during your lifetime such as buying a new car, getting your children educated or married and ensuring that your post retirement life is the identical to standard of life at his working times. The compensation of losses incurred due to death of the earning member at unexpected time is completed by insurance Companies, the perception of the life assured is that life insurance plans are the proficient gears to provide the monetary support. An Individual who opts for Insurance focuses on the financial protection of his loved ones, analyses the organization in several parameters such as Profitability and Claim Settlement ratio. The study shows impact of the parameter viz Utmost Good faith .The fallacy of the consumers about the life insurance players while settling the death claims is elucidated in the study. The claim Settlement of the proposed insured begins at the time of filling the proposal form, Study reveals the significance of the principle which plays a crucial role in the settlement of the claims.
Authors and Affiliations
Dr. Mangesh Jadhav, Dr. Sonia Justin Raj
Keywords
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- EP ID EP412226
- DOI 10.9790/487X-2007067678.
- Views 53
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