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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT
International Peer Reviewed & Refereed Journals, Open Access Journal
ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
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Paper Title: CONSUETUDE OF ADR CONCOMITANT TO INSURANCE DISPUTES
Authors Name: AMIRDHA VARSHINI. C , C.A. SATHIYA
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IJNRD_196183
Published Paper Id: IJNRD2305606
Published In: Volume 8 Issue 5, May-2023
DOI:
Abstract: Conflicts are inexorable and insurance is no exception to the same. The idea behind insurance is to mitigate risk and compensate for losses that have already occurred. Long-running, unresolved cases are overloading Indian courts. The issue is still far from being fixed as backlogs of unresolved cases continue to increase despite the installation of more than a thousand fast-track courts that have already processed voluminous cases. The two most frequent complaints from customers are the non-payment of claims on technical grounds and their displeasure with business practices. Contemporaneously the insured also engages in fraud and misrepresentation. Currently, people have started to place their confidence towards Alternate Dispute Resolution to avoid courtroom litigation. In the context of insurance, there are different procedures used by insurance companies to settle claims and legal issues. This line of action is made available to insured clients as one of the sources of remedy when a claim is rejected. In fact, ADR is being considered as the first step by the majority of Insurance Companies by incorporating ADR clauses in the insurance contracts or policy proposal or policy wordings. It is used to prevent time-consuming and expensive litigation. This paper would elucidate the consuetude of ADR concomitant to Insurance Disputes and will through light on a few aspects such as the cause of insurance disputes, the role of regulatory bodies and courts, why ADR should be preferred in such disputes, a study on which Insurance company prefers ADR predominantly to resolve disputes and the effect of ADR in Insurance disputes.
Keywords: 1. Insurance 2. Alternate Dispute Resolution 3. Claim 4. Regulatory bodies 5. Policy
Cite Article: "CONSUETUDE OF ADR CONCOMITANT TO INSURANCE DISPUTES", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 5, page no.g60-g72, May-2023, Available :http://www.ijnrd.org/papers/IJNRD2305606.pdf
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ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Publication Details: Published Paper ID:IJNRD2305606
Registration ID: 196183
Published In: Volume 8 Issue 5, May-2023
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Page No: g60-g72
Country: Madurai, Tamil Nadu, India
Research Area: Other
Publisher : IJ Publication
Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2305606
Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2305606
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ISSN: 2456-4184
Impact Factor: 8.76 and ISSN APPROVED
Journal Starting Year (ESTD) : 2016

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