SALIENT POINTS ON LIFE INSURANCE IC-33 SYLLABUS
- Who is the regulator for insurance industry in India? – IRDA
- Which is the secondary burden of risk – setting aside reserves to meet potential losses of future?
- Risk transfer thro risk pooling is Insurance.
- Insurance pays when? -loss of life or asset.
- One of the disadvantages of insurance – low yields. Inflation and rate of interest to affect savings in insurance maturity benefits.
- Advantages of insurance – security, savings, and tax benefits.
- Who devised HLV concept? – prof. hubener.
- Why young people are charged less premium? – Premium is related to mortality. Lesser the age lesser the risk.