Where a dispute relating to the settlement of a claim on a policy of long term insurance business by which the sum assured does not exceed such sum as may be determined by the Board, (exclusive of any profit or bonus not being a guaranteed profit or bonus) and which was issued by an insurer in respect of insurance business transacted by the insurer, arises between a claimant under the policy and the insurer who issued the policy or has otherwise assumed liability in respect thereof, the dispute may, at the option of the claimant, be referred to the Board for its decision, and the Board may, after giving an opportunity to the parties of being heard and after making such further inquiries as it may think fit, make its order in the dispute.