What does the Claim Settlement Ratio (CSR) of an insurance company represent?

"The ratio of claims settled to the total number of claims received in a year" "The financial stability of the insurance company" "The number of policies sold by the company" "The customer satisfaction rating of the company"

Why is it advisable to consider the claim settlement ratio when choosing a life insurance policy?

"A higher CSR indicates a greater likelihood of the nominee receiving the policy benefits" "A lower CSR suggests faster claim processing times" "The CSR determines the premium amount for the policy" "The CSR reflects the investment performance of the insurance company"

According to the article, what is a significant drawback of relying solely on the claim settlement ratio when selecting an insurance policy?

"The CSR does not account for the specific type of insurance policy" "The CSR only reflects claims settled in the most recent year" "The CSR is not publicly available information" "The CSR is influenced by external market factors"

What is the primary focus of the provided text?

"The importance of premium costs in life insurance" "The role of the Insurance Regulatory and Development Authority (IRDAI)" "Understanding and evaluating the claim settlement ratio in insurance" "The process of filing a life insurance claim"

What is a key recommendation given in the article regarding claim settlement ratios?

"Always choose the insurer with the highest CSR, regardless of other factors" "Prioritize companies with a consistent CSR over those with exceptionally high but fluctuating ratios" "Focus on the CSR for the most recent year only" "Ignore the CSR as it is not a reliable indicator"