LIC's liability for its agent's failure to deposit premium
My insurance policy was lapsed because of nonpayment of premium. The insurance agent to whom I paid the amount to deposit with LIC did not deposit my premium to LIC. Can LIC be held responsible for the omission of its agent?
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As the LIC agent are not authorized to collect the premium on behalf of LIC, so LIC cannot be held responsible for any omission by its agent for which agent has not authority. As such no action can be taken against LIC.
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Tags: Insurance Companies Insurance Agents General Legal