Dispute Settlement Mechanism about Claims under Life Insurance: A Legal Study
National Law University and Judicial Academy, Assam, India.
Volume III, Issue V, 2020
Life Insurance is important as it gives security to the family or other claimants. Till the year 2000, The Life Insurance Corporation of India was monopolized but after the year 2000, many private banks and other financial institutions started to give Life Insurance Policies therefore it is necessary to have an authority to settle the disputed claims between the insured and insurer. The statement of the problem of the research is to find out the procedures to settle the disputed claims and the role and duties of the authorities and how far it is efficient. The common person buys a policy of Life Insurance to insured their life but when they die sometimes insurance company don’t perform their duties well and therefore this research is to how an aggrieved person will approach to settle its claim. Sometimes, it happens that people do fraud by buying Life insurance to gain money. Therefore, this research is to study the requirement of authority that will keep an eye on the Insurer and Insured during their unsettle claims.