Multiple choice

As per the Insurance Act, 1938(as amended),an insurer has to obtain a report from a licensed surveyor if the loss exceeds

  1. Rs. 15000

  2. Rs. 20000

  3. Rs. 25000

  4. Rs. 50000
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

It is not mandatory for an insurer to appoint a surveyor for each and every loss reported by a policy of general insurance. Only where the estimated loss exceeds Rs.20,000/-, the insurers are mandated to appoint a licensed surveyor to assess and settle the loss.

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