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Questions and Answers
What is the primary purpose of life insurance?
What is the primary purpose of life insurance?
The primary purpose of life insurance is the protection of family in case of death.
What are the two main objectives of life insurance?
What are the two main objectives of life insurance?
What does the "death benefit" refer to in life insurance?
What does the "death benefit" refer to in life insurance?
The death benefit is the primary benefit offered by a life insurance policy, which is the amount paid to the nominee upon the death of the policyholder.
What does the "maturity benefit" refer to in life insurance?
What does the "maturity benefit" refer to in life insurance?
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Which of the following is NOT an advantage of life insurance?
Which of the following is NOT an advantage of life insurance?
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High premiums for aged people is a disadvantage of life insurance.
High premiums for aged people is a disadvantage of life insurance.
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What are "riders" in life insurance?
What are "riders" in life insurance?
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Which of the following is NOT a common type of life insurance?
Which of the following is NOT a common type of life insurance?
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The Life Insurance Corporation of India (LIC) was established on 1st September 1956.
The Life Insurance Corporation of India (LIC) was established on 1st September 1956.
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What percentage of maturity claims are settled on or before due date by LIC of India?
What percentage of maturity claims are settled on or before due date by LIC of India?
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What percentage of premium collected by carriers is absorbed by losses and loss expenses?
What percentage of premium collected by carriers is absorbed by losses and loss expenses?
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What is the primary objective of claim management?
What is the primary objective of claim management?
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Implementing claim management strategies can help insurance companies adapt to changing market scenarios.
Implementing claim management strategies can help insurance companies adapt to changing market scenarios.
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Which of the following is NOT a suggestion for insurance companies regarding claim management?
Which of the following is NOT a suggestion for insurance companies regarding claim management?
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Insurance fraud is a deliberate act of deception or dishonesty committed for financial gain.
Insurance fraud is a deliberate act of deception or dishonesty committed for financial gain.
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What are the two main categories of fraudulent claims?
What are the two main categories of fraudulent claims?
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What is the primary document needed for a death claim?
What is the primary document needed for a death claim?
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Insurers generally settle life insurance claims within 30 days of receiving all necessary documents.
Insurers generally settle life insurance claims within 30 days of receiving all necessary documents.
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Maturity claims are paid to the policyholder on the policy's maturity date and include the sum assured plus any bonuses or incentives.
Maturity claims are paid to the policyholder on the policy's maturity date and include the sum assured plus any bonuses or incentives.
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What are "riders" in life insurance with respect to claims?
What are "riders" in life insurance with respect to claims?
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The survey method was used to collect data for the study in the provided document.
The survey method was used to collect data for the study in the provided document.
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What was the sample size used for the study?
What was the sample size used for the study?
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Data for the study was collected solely from primary sources, such as questionnaires.
Data for the study was collected solely from primary sources, such as questionnaires.
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The research for the study was limited to the Mumbai region.
The research for the study was limited to the Mumbai region.
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The study concludes that a majority of people are aware of claim management practices in life insurance.
The study concludes that a majority of people are aware of claim management practices in life insurance.
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The study indicates that most people have filed a claim at some point.
The study indicates that most people have filed a claim at some point.
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The study found that most people are satisfied with the facilities provided by their life insurance company regarding claim settlement.
The study found that most people are satisfied with the facilities provided by their life insurance company regarding claim settlement.
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The majority of respondents had complaints regarding claim settlement.
The majority of respondents had complaints regarding claim settlement.
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According to the study, what is the major role of insurance programs?
According to the study, what is the major role of insurance programs?
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The provided study found that customer service plays a significant role in the success of an insurance company.
The provided study found that customer service plays a significant role in the success of an insurance company.
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The study concludes that insurance companies should prioritize technological advancements in their operations, particularly in the area of claim management.
The study concludes that insurance companies should prioritize technological advancements in their operations, particularly in the area of claim management.
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Study Notes
Project Report Details
- Topic: A study on Claim Management in Life Insurance
- Submitted by: Mr. Yash Rakesh Kondalkar
- Roll No: 2021331
- Semester: VI
- Course: TYBBI (B.Com-Banking and Insurance)
- College: Lala Lajpat Rai College of Commerce & Economics
- University: University of Mumbai
- Academic Year: 2022-2023
- Project Guidance: Dr. Vaidehi Kamath
- Submitted to: University of Mumbai
Declaration
- The student, Mr. Yash R. Kondalkar, declares the project, "A study on Claim Management in Life Insurance," is original work.
- The information in the project is true and accurate to the best of the student's knowledge.
Acknowledgement
- The student thanks the University of Mumbai, Principal Dr. Neelam Arora, Coordinator Dr. Vaidehi Kamath, and College Library for support and guidance.
- Special thanks are given to the student's parents and peers for their cooperation throughout the project.
- Respondents are thanked for completing questionnaires.
Executive Summary
- Insurance has grown significantly in the 20th century.
- Claim management is a crucial aspect of the insurance industry.
- It involves handling many stakeholders and managing logistics.
- Efficiencies in data management can improve claim handling, which in turn improves customer confidence in insurance.
- The claim management system is responsible for assessment and regulation for general damages.
Index
- Chapter 1: Introduction (pages 1-27): Provides an introduction to life insurance and a brief history of the insurance sector. Details about claims management, delays, and frauds in insurance claims are discussed. Also the required documents for life insurance claim management.
- Chapter 2: Research Methodology (pages 28-32): Explains the research methods and details used in the study.
- Chapter 3: Literature Overview (pages 33-43): Reviews the current literature on the subject. Also presents details about data analysis and interpretation.
- Chapter 4: Data Analysis & Interpretation (pages 44-47): Presents the results of the study.
- Chapter 5: Case Studies (pages 48-49): Focuses on specific examples of claims management and the processes involved. Includes three cases: Sunanda Kanthale, Neelam Mehta, Lily Rani Roy.
- Chapter 6: Findings & Conclusion (pages 50-51): Explains the findings of the study and summarizes the key findings
- Chapter 7: Suggestions (page 56): States suggestions and recommendations regarding claim management
- Bibliography (page 57)
- Webliography (page 58)
- Annexures (page 59-60): Presents raw data (questionnaires, etc.) collected in the research.
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Description
This project report explores the intricacies of Claim Management in Life Insurance, focusing on its relevance and implementation within the banking and insurance sectors. Conducted as part of the TYBBI course at the University of Mumbai, the study is guided by Dr. Vaidehi Kamath and submitted by Mr. Yash Rakesh Kondalkar.
