Life Insurance
Querist :
Anonymous
(Querist) 03 April 2010
This query is : Resolved
Can a Life Insurance Co be held responsible for the act of its employees committing forgery by making forged signature of policy holder on a changed new form while destoying the original form submitted by the policy holder, which can apart from benefiting the employees, can also benefit the Insurance Co at the last, when the maturity amount becomes disputed due to mismatch in signatures?
Devajyoti Barman
(Expert) 03 April 2010
The vicarious liability of the insurance company lies only in civil dispute and hence you can sue for damages and compensation. But for criminal offence for forgery and odd one has to initiate criminal proceeding only against the actual offender and not the insurance company.
mahendrakumar
(Expert) 04 April 2010
dear anonymous,
will you elaborate your case?
How can an employee get benefits by forgery of your signatures in any of your documents?
the payments are made only to you or your bank account..Cash payments are made only upto rs.5000 and with proper identification.
if you want help and advice,please be specific to your query.
in insurance policies,many times claims are made after a very long time and the signatures of parties sometime differs,in such situations,specifimen signatures under attestation are asked to safeguard the interest of the polcy holders. Is your case,something like this?
Querist :
Anonymous
(Querist) 04 April 2010
The employees committing forgery by making forged signature of policy holder on a changed new form while destroying the original form submitted by the policy holder, which can benefit the Insurance Co at the last, when the Insurance Co refuses to pay, consequently the amount remains with the Co. During a long period of 15 years, anybody can premature the policy with bank account of similar policy, can obtain a duplicate bond with changed address, it is for the Co to accept the changed status & in these circumstances, then the Co seems to be benefited, then why not Co be held responsible? Pls also interpret Sec 105A of Insurance Act 1938?
mahendrakumar
(Expert) 05 April 2010
is your case a real life situation or a hypothecal one?
i have been working in the insurance industry for the past 21 years.
I never heard about any incidents of insurance company getting benefit by any such acts described by you.
all the payments made by insurance companies are by cheques(not negotiable) and as such the possibility of third party misutilising it is remote.
even in such remote cases,one has remedy.
