ICICI Lombard General Insurance Company Manager Interview Questions and Answers

Insurance is a risk management tool that provides financial protection against potential losses. There are various types of insurance available.

• Insurance is a contract between an individual or organization (the insured) and an insurance company (the insurer).

• It involves the insured paying a premium in exchange for the insurer's promise to compensate for covered losses.

• Types of insurance include life insurance, health i...read more

First Party is the policyholder or the insured person who purchases the insurance policy.

• First Party is the person who buys the insurance policy.

• They are also known as the policyholder or the insured person.

• In case of a claim, the First Party is the one who receives the benefits from the insurance company.

• For example, if John buys a car insurance policy, he is the First Party.

• If his car gets damaged in an accident, Joh...read more

Defences that insurance companies can use to protect themselves

• Denial of coverage due to policy exclusions

• Proving fraud or misrepresentation by the policyholder

• Limiting coverage to the policy limits

• Asserting that the policyholder failed to cooperate in the investigation or defense of a claim

• Arguing that the policyholder caused or contributed to the loss

• Invoking the statute of limitations

• Challenging the validity of the ...read more