Multiple choice

Which of the following statements is incorrect?

  1. Consumer disputes involving private insurance companies can be heard by consumer forum or commission.

  2. Life insurance does not come under Consumer Protection Act, 1986.

  3. Complaints can be lodged against private insurers as well as public sector companies/corporations like LIC.

  4. Complaints can be lodged only against life insurance as well as non-life insurance companies.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The statement in option 2 is wrong as many of the private sectors have come under this and have taken the share from LIC. Therefore, a consumer friendly insurance sector is needed for economic development of the country.

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