If the claim could not be settled for want of proper identification of a payee, the insurer shall pay interest at the rate of

The correct answer is: C. 5.00%

The insurer shall pay interest at the rate of 5.00% per annum on the amount of the claim from the date of the claim to the date of payment. This is in accordance with the Insurance Act, 1938.

Option A is incorrect because the interest rate for a savings bank account is typically lower than 5.00%.

Option B is incorrect because the interest rate for bank interest is