Insurance claim received utilization of money
vimal
(Querist) 21 September 2013
This query is : Resolved
Hello Sir,
We have Received insurance Claim,
As per our Advocate that the we have to Deposited (FD)in Bank For 5 years of 70% of Received Amount.
I Want to know that the,
1) Above Explanation of Advocate is Risht ???(Under Which LAW & Section)
2) If Above Explanation Is Right then the Choice of Bank is Our OR by Insurance Company ??
3) Please Give Information About Applicable Law And Section ???
Thank You In Advance
ajay sethi
(Expert) 21 September 2013
only your lawyer can clarify why insurance claim proceeds have to be placed in fixed deposit for period of 5 years . ask him for clarification .
Rajendra K Goyal
(Expert) 21 September 2013
Generally if the claim contains the benefit of some minor, court orders to keep that portion in FD with some Bank. In absence of any information regarding detailed order your advocate can better tell.
You can choose your Banker of your choice.
Rajendra K Goyal
(Expert) 21 September 2013
Generally if the claim contains the benefit of some minor, court orders to keep that portion in FD with some Bank. In absence of any information regarding detailed order your advocate can better tell.
You can choose your Banker of your choice.
vimal
(Querist) 21 September 2013
which law is Applicable ?????
vimal
(Querist) 21 September 2013
as per our lawyer that this is guidelines issued by supreme court to high court that 70% of claim amount should be deposited in to the Bank Due to Fraud ???
Whether above explanation is True ????????
Rajendra K Goyal
(Expert) 22 September 2013
You have not cleared whether the claim contains the benefit of any minor or not? Whether any of such condition was laid down in the order of concerned court?
vimal
(Querist) 23 September 2013
no contained
Dhayalan 9894551170
(Expert) 24 September 2013
If you received the claim by motor accidents, the court has directed you to deposit the amount in any national bank. In case of minor u must deposit the same until they getting majority. In between also u can withdraw the amount with the permission from the court. So u have to file the permission petition before the court and along with your affidavit and state as the reasons is benefit of the minor. Or Clearly ask your question.
