Insurance exam Question
Hi . I am studying insurance. I have 2 questions. Can someone please reply ? It's about general Insurance CII
1. A claim was settled by an insurance company but after paying the claim the insurance company came to know that the policyholder got that claim fraudulently. In this case what action will the insurance company take or is it too late to do anything as the claim is already paid?
2. A broker collected premiums from policyholder but didn't pay them to the insurance company and now the broker is in debt and liquidated. In this case what will happen to the policyholder? Will the insurance company give discount on premium to the policyholder or will cancel the policy or will the policy still be in force?and what action will the company take against the broker?