Section 27 of Insurance act 1938

Matured claims are those claims which if any claim arises then insurance company adjusted all the provisions against such claims and estimated the claims as per their pre estimated formula and the claims should be paid as per net salvage value. Those claims which are paid in net to the insured after all such factors are matured claims.

Maturing for payment is the amount paid to insured at the date of maturity of the premium.

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