What does the Claim Settlement Ratio (CSR) of an insurance company represent? Option: "The number of policies sold by the company", "The ratio of claims settled to the total number of claims received in a year", "The financial stability of the insurance company", "The customer satisfaction rating of the company"

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

What is the claim settlement ratio in the context of insurance?

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

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

Why is it crucial to consider the incurred claims ratio (ICR) alongside the claim settlement ratio?

What metric is emphasized in the provided text as crucial for understanding the reliability of an insurance company in settling claims?