IC- 33 Chapter 1
Click Here Next Chapter
- For assessing the risk under a group health insurance policy the AGE OF THE GROUP is the most critical information that is required.
- INSURANCE COMPANIES are the clients or Customers of Reinsurance Companies or the re insurers.
- The concept of indemnity is based on the key principle that policyholders should be prevented from PROFITING FROM INSURANCE.
- In life insurance risk is determined on the basis of PAST DATA.
- Insurance Company selling products through newspaper advertisement is called DIRECT SELLING.
- INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA) WAS CONSTITUTED AS AN INDEPENDENT AND AUTONOMOUS BODY IN 1999 TO REGULATE AND DEVELOP THE INSURANCE INDUSTRY.( This is the responsibility of IRDA.)
- If a client wants to compare between all financial products then the best person he can approach is the BROKER.
- If a person is looking for a Term Insurance Plan to protect his family then he is advised to approach LIFE INSURANCE Company.
- The INTERNET is the direct method of insurance marketing. *
- The IRDA was formed in the year 1999.
- AN ACTUARY is a person in insurance who has got rich experience in determining the premium levels of the various insurance products.
- Life Insurance Company determines the level of risk based on CLAIM EXPERIENCES.
- In a MONEY BACK POLICY the insured gets survival benefits after fix regular intervals and at maturity he gets rest of the Sum Insured.
- In Term insurance if Critical Illness Rider claims happens then in the exiting policy that rider I.e. CI RIDER WILL CEASE.
- Generally Weekly premiums are collected in MICRO INSURANCE.
- In a life insurance business if a person is working in calculating premium rates of insurance products then he is most likely be a member of INSTITUTE OF ACTUARIES OF INDIA.
- IRDA Stands for INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY WHICH WAS INCORPORATED AS AN AUTONOMOUS BODY IN THE YEAR 1999.
- Insured can contact to seek the resolution of grievances they have against the insurer to IRDA through a special sight namely “firstname.lastname@example.org “
- The three main types in which insurance can be classified are 1. LIFE INSURANCE 2. NON LIFE INSURANCE 3. REINSURANCE
- Bancassurance is the form of insurance selling IN WHICH INSURANCE POLICIES ARE SOLD THROUGH THE BANKS.
- Human beings need life insurance because TIMING OF DEATH IS UNCERTAIN.
- Insurance market is divided into LIFE AND NON LIFE INSURANCE.
- A contract comes into existence when ONE PARTY MAKES AN OFFER WHICH THE OTHER PARTY ACCEPTS UNCONDITIONALLY.
- Insurance is required for 1.TO COVER RISK OF LIFE 2.TO PLAN FUTURE GOALS 3.FOR SAVINGS.
- If for SA of Rs 100000 Bonus is calculated at 5% of SA every year ( Simple interest ) then for 15 years the total amt of bonus would become 5000*15= 75,000
- Insurer uses the mean of REINSURANCE to cover risk beyond their exposure limit.
- The business of insurance is connected with protection of ECONOMIC VALUE OF ASSETS.
- Micro insurance products concentrate PEOPLE WITH LOW INCOME.
- An insurance agent is an intermediary between CLIENT AND INSURANCE COMPANY.
- Benefits of investing in insurance are FAMILY PROTECTION, CHILD EDUCATION AND CHILD PLANNING, RETIREMENT PLANNING.
Click Here Next Chapter