Question

Under the Bima-ASBA system, what happens if an insurer does not process an application within 14 days?

Q: Answer-Under the Bima-ASBA system, what happens if an insurer does not process an application within 14 day...

If an insurer does not process the application within 14 days, the blocked funds in the policyholders account are automatically released without any deductions.

A The policy is automatically issued

B The blocked funds are released back to the policyholder

C The funds are transferred to the insurer

D A penalty is imposed on the policyholder

E The policyholder must reapply for the insurance

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Under the Bima-ASBA system, what happens if an insurer does not process an application within 14 days?

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