CS Professional · Banking and Insurance - Laws and Practice · Professional Opportunities
Kiran Traders suffers a fire loss and its insurer wants an independent person to inspect the site, determine the cause and quantum of loss and submit a report. Under the IRDAI framework, which professional is licensed to do this for general insurance claims?
A licensed surveyor and loss assessor is the professional who inspects the loss site, finds the cause and quantum of loss and reports to the insurer. Agents, corporate agents and web aggregators are distribution intermediaries and do not carry out loss assessment in general insurance claims.
- ALicensed surveyor and loss assessorCorrect
- BInsurance repository agent
- CCorporate agent for life insurance
- DWeb aggregator
Explanation
For general insurance claims above the prescribed threshold, the insurer appoints a licensed surveyor and loss assessor, who investigates the cause, extent and amount of loss and reports. Agents, corporate agents and web aggregators distribute or service policies and do not assess losses.
Did you get it right without looking?
One question tells you little. A timed set on Professional Opportunities shows your real accuracy, how long you take and where you lose marks.
More Professional Opportunities questions
- Aarav Mehta, Company Secretary of an insurer, is preparing a certificate on compliance with a regulatory requirement. He finds one instance …
- A Company Secretary is engaged to conduct a due diligence review of a bank's lending processes before a stake sale. Which statement correctl…
- Anita Verma, a company secretary, advises a client to place a group health policy through an insurance broker. The broker quotes premium of …
- Arjun, a Company Secretary, joins a listed insurer and is asked to serve as a point of contact for IRDAI, handle board meeting procedures an…
- Anita is an actuary at a life insurer. The board of the insurer asks her to wear two hats: certify the adequacy of policy liabilities and al…
- Meera, a Company Secretary, wants to work in an insurance company's compliance function ensuring adherence to IRDAI regulations, filing retu…