Decline of Investment Proposal by insurance co.
Pramod Harkisondas Divecha
(Querist) 09 November 2009
This query is : Resolved
Officials of an insurance company had appraoched me for investing about 7.50 lacs in their savings-cum-investment plan.
They advised me to go for a medical test which was done. However,test rpeorts when received were found to be totally inaccurate and false.My Investment proposal was declined on the basis of false medical reports.
Inspite repeated representations and fresh tests conducted by us at our won costs and a certificate from our family doctor detailing the true and healthy condition, the insurance coompany does not mend.
I request learned memebers and friends to inform me of certain court decsions wherein such a situation has been dealt with and such false medical reports have been ordered to be overlooked.
Kiran Kumar
(Expert) 09 November 2009
i think your case will not succeed, the insurance company simply ivited your offer to an agreement, you offered and as per the the condition you were supposed to undergo a medical test, which you failed thus you offer was declined.
now you can not compel insurance company to enter into contract with you, its a prerogative of insurance company whether to accept your offer or not.
simply because they appraoched you first will not change the legal interpretation.
adv. rajeev ( rajoo )
(Expert) 09 November 2009
Insurance co., will have their own panel doctors. They rely on their opinion. So there is no fault on the insruance co.,. As kiran said u cannot comel the insurnace co.,
Srivathsan
(Expert) 09 November 2009
I agree with Mr Rajeev.
1. Insurance companies have their own panel of medical examiners.
2. The rating, an insurance company arrives based on the medical report is prognostic in nature. This fundamentally varies from your family doctor's review which is diagnostic.
You have not mentioned the ailment the insurer quoted for rejecting your proposal. As a vendor the company is more interested to sell you the policy than the interest you show to buy.
That being the nature of business, I would suggest you to take the medical findings seriously rather than brushing it as false report and exercise care on your health.
This cannot be contested as the insurance company has every right on selection of lives.
Raj Kumar Makkad
(Expert) 09 November 2009
Insurance company not not legally be forced to enter into a contract with any investor if in the eyes of company such person is not found fit. company if satisfied on its own sources/techniques, has to move forward but in the given circumstances company is not satisfied with you so no chance at all and no such citation has arisen as yet in India. No similar case law favouring you is available.
