chunk stringlengths 2.15k 5.19k | source_file stringclasses 11
values | chapter stringlengths 2 6 ⌀ | section stringlengths 2 88 ⌀ | chunk_id stringlengths 22 54 | metadata dict |
|---|---|---|---|---|---|
|---|---|
|**Benevolent**<br>**Societies/**<br>**Friendly**<br>**Societies**|Greeks of 7th Cy. AD, used to pay in advance to take care of the<br>family of members who died and also the funeral expenses of the<br>member.<br>Similar practices were followed in England as well.|
|**Rhodes**|Traders of Rhodes who were sendi... | Final IC 38 - WA_Composite - English.md | n1 | Benevolent | Final IC 38 - WA_Composite - English_002 | {
"file_size": 20885,
"chunk_index": 2,
"chunk_tokens": 1007,
"has_examples": true,
"has_tables": true,
"key_concepts": [
"Rhodes",
"National Insurance",
"Modern concepts of insurance",
"Insurance industry today (As on 30",
"September 2021)"
]
} |
Insurance Regulatory and Development Authority of India (IRDAI) in April 2000
as a statutory regulatory body for the insurance industry.f) An amendment of the Insurance Act in 2021, has allowed Foreign investors, tohold up to 74% of the paid up equity capital in an Indian Insurance company.
Foreign insurers can now est... | Final IC 38 - WA_Composite - English.md | null | Insurance industry today (As on 30 | Final IC 38 - WA_Composite - English_003 | {
"file_size": 20885,
"chunk_index": 3,
"chunk_tokens": 1003,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Test Yourself 1",
"Asset",
"Insurance is about value",
"Insurance industry today (As on 30",
"Definition"
]
} |
persons have similar assets which are exposed to similar risks. Their assets
are also referred to as ‘risks’ in many contexts.d) This pool of funds is used to compensate the few who might suffer the lossescaused by a **peril** .e) This process of pooling funds and compensating the unfortunate few is carriedout through ... | Final IC 38 - WA_Composite - English.md | null | Insurance reduces Risk Burden | Final IC 38 - WA_Composite - English_004 | {
"file_size": 20885,
"chunk_index": 4,
"chunk_tokens": 1007,
"has_examples": true,
"has_tables": true,
"key_concepts": [
"Mutuality",
"The Principle of Risk Pooling",
"Example",
"Primary burden of risk",
"Secondary burden of risk"
]
} |
who can be individuals or corporates. The benefits they pay to policyholders are
contractual obligations. Insurance contracts are meaningful only if the Insurers
are financially capable of taking over the risks and compensating for the losses,
if and when they occur. The structure arises from application of the mutuali... | Final IC 38 - WA_Composite - English.md | null | Mutuality | Final IC 38 - WA_Composite - English_005 | {
"file_size": 20885,
"chunk_index": 5,
"chunk_tokens": 1001,
"has_examples": true,
"has_tables": true,
"key_concepts": [
"Mutuality",
"Making Environmental changes –",
"Changes made in dangerous or hazardous operations,",
"Leading a healthy lifestyle",
"Separation"
]
} |
spread of Malaria.**c)** **Changes made in dangerous or hazardous operations,** while usingmachinery and equipment or in the performance of other task - e.g. (i)
wearing helmets inside construction sites; (ii) wearing gloves and face
shields while handling chemicals.**d)** **Leading a healthy lifestyle** - helps in red... | Final IC 38 - WA_Composite - English.md | f13 | Changes made in dangerous or hazardous operations, | Final IC 38 - WA_Composite - English_006 | {
"file_size": 20885,
"chunk_index": 6,
"chunk_tokens": 963,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Insurance vs Assurance",
"Considerations before opting for insurance",
"Risk financing",
"Changes made in dangerous or hazardous operations,",
"Separation"
]
} |
the **severity** (amount of loss). This works in different ways – (a) If the amount of
loss is very high, and the probability of its occurrence is small, the cost of the
risk would be low as such instances may be very few. (b) Even if the amount of13loss is small, if the probability of its occurrence is very high, the ... | Final IC 38 - WA_Composite - English.md | f13 | Diagram 6: | Final IC 38 - WA_Composite - English_007 | {
"file_size": 20885,
"chunk_index": 7,
"chunk_tokens": 1015,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Considerations before opting for insurance",
"Considerations before opting for Insurance",
"Test Yourself 4",
"Do not risk more than one can afford to lose:",
"Impo... |
to the prospect to enable the prospect to decide on the best cover that would bein his or her interest”.If the proposal and other connected papers are not filled by the customer, a
certificate may be incorporated at the end of proposal form from the customer
that the contents of the form and documents have been fully e... | Final IC 38 - WA_Composite - English.md | f16 | G. | Final IC 38 - WA_Composite - English_008 | {
"file_size": 20885,
"chunk_index": 8,
"chunk_tokens": 1006,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Insurance and Social Security",
"Information",
"Test Yourself 5",
"Employees State Insurance Corporation",
"Summary"
]
} |
India?I. PM Jan Arogya Yojana - Ayushmaan Bharat
II. PM Fasal Bima Yojana
III. PM Suraksha Bima Yojana
IV. All of the above**Summary**Insurance is risk transfer through risk pooling.Commercial insurance business as practiced today started at the Lloyd’sCoffee House in London.An insurance arrangement involves the follow... | Final IC 38 - WA_Composite - English.md | d17 | Summary | Final IC 38 - WA_Composite - English_009 | {
"file_size": 20885,
"chunk_index": 9,
"chunk_tokens": 1001,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Income generation",
"Key Terms",
"Answer 5",
"Life insurance",
"Serving needs"
]
} |
scarcity and its ownership or possession by someone. **Insurance of assets**Insurance provides protection only against financial losses arising from
unexpected events and not natural wear and tear, of assets due to usage overtime.We must note that **insurance cannot protect an asset from loss or damage** . An
earthqua... | Final IC 38 - WA_Composite - English.md | d22 | Insurance of assets | Final IC 38 - WA_Composite - English_010 | {
"file_size": 20885,
"chunk_index": 10,
"chunk_tokens": 1010,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Secondly,",
"Insurance of assets",
"Example: Critical",
"Risk Management",
"Critical"
]
} |
On this basis one may identify three types of risk events or situations: **Critical**Where losses are of such a magnitude; that may result in total loss or
bankruptcy. Losses can be critical when the accident results in significant and22severe impact, disability, damage to equipment and the environment, which
may be r... | Final IC 38 - WA_Composite - English.md | d22 | Critical | Final IC 38 - WA_Composite - English_011 | {
"file_size": 20885,
"chunk_index": 11,
"chunk_tokens": 1013,
"has_examples": true,
"has_tables": true,
"key_concepts": [
"Example: Critical",
"Moral hazard",
"Factory",
"Types of hazards",
"Physical hazard"
]
} |
under the policy, such claims are clearly fraudulent and could be justifiably
rejectedA classic instance of moral hazard is purchasing insurance for a factory and then
burning it down to collect the insurance amount or buying health insurance after
onset of a major ailment.24**c)** **Legal hazard** is more prevalent in... | Final IC 38 - WA_Composite - English.md | null | Legal hazard | Final IC 38 - WA_Composite - English_012 | {
"file_size": 20885,
"chunk_index": 12,
"chunk_tokens": 1015,
"has_examples": true,
"has_tables": true,
"key_concepts": [
"How exactly does the principle work in insurance?",
"Premiums",
"These small amounts are pooled",
"Example",
"Legal hazard"
]
} |
because of a principle known as the “Law of large numbers”. It states that
the larger the size of the pool of risks, the actual average of losses would be
closer to the estimated or expected average loss.**c)** **Insurance Companies to remain Solvent:**If the pools of risks and the premium pools created are not suffici... | Final IC 38 - WA_Composite - English.md | y27 | Insurance Companies to remain Solvent: | Final IC 38 - WA_Composite - English_013 | {
"file_size": 20885,
"chunk_index": 13,
"chunk_tokens": 1007,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Sharing of losses of the few by many",
"Conditions for insuring a risk",
"Public policy:",
"Test Yourself 1"
]
} |
b) Risk
c) Hazard
d) Risk pooling
e) Offer and acceptance
f) Lawful consideration**Answers to Test Yourself****Answer 1** - The correct option is II.28## CHAPTER C-03## PRINCIPLES OF INSURANCE**Chapter Introduction**In this chapter, we discuss the principles, based on which the mechanism ofinsurance works.a) Utmost Goo... | Final IC 38 - WA_Composite - English.md | C-03 | Answers to Test Yourself | Final IC 38 - WA_Composite - English_014 | {
"file_size": 20885,
"chunk_index": 14,
"chunk_tokens": 967,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Material fact",
"Example",
"Utmost Good Faith or",
"Chapter Introduction"
]
} |
of premium and the terms and conditions. The insured has an obligation to
fully and accurately disclose all facts that are material to an insurancecontract.Whether an undisclosed fact was material or not would depend on the
circumstances of the individual case and could be decided ultimately only in a
court of law. The... | Final IC 38 - WA_Composite - English.md | null | Example | Final IC 38 - WA_Composite - English_015 | {
"file_size": 20885,
"chunk_index": 15,
"chunk_tokens": 957,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Information",
"Motor Insurance:",
"Health Insurance:",
"Example",
"Matters of law"
]
} |
answers were incomplete.**b.** **Duty to Disclose:** In the case of insurance contracts, the duty to disclose ispresent throughout the entire period of negotiation until the proposal is
accepted and a Life Insurance policy is issued.Once the Life Insurance policy is accepted, there is no further need to disclose
any ma... | Final IC 38 - WA_Composite - English.md | null | Duty to Disclose: | Final IC 38 - WA_Composite - English_016 | {
"file_size": 20885,
"chunk_index": 16,
"chunk_tokens": 1009,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Misrepresentation:",
"Innocent Misrepresentation",
"Section 45 (2) of the",
"Fraud:",
"Situations of Non-Disclosure"
]
} |
(c) the date of revival of the policy or (d) the date of the rider to the policy,whichever is later.33The insurer needs to communicate the reasons on which the policy is
questioned in writing to the insured or his/ her legal representatives, nominees
or assignees.The expression "fraud" means any act committed by the in... | Final IC 38 - WA_Composite - English.md | y34 | B. | Final IC 38 - WA_Composite - English_017 | {
"file_size": 20885,
"chunk_index": 17,
"chunk_tokens": 1009,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"The subject matter of an insurance contract",
"Time when insurable interest should be present:",
"Diagram 1:",
"Example",
"Insurable interest according to common l... |
insurance, insurable interest should be present both at the time of taking the
policy and at the time of claim with some exceptions like marine policies inwhich case it must exist at the time of claim.35In case of fire and accident insurance, insurable interest should be present
both at the time of taking the policy an... | Final IC 38 - WA_Composite - English.md | null | C. | Final IC 38 - WA_Composite - English_018 | {
"file_size": 20885,
"chunk_index": 18,
"chunk_tokens": 942,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Scenario 1:",
"Example",
"Scenario 2:",
"Definition",
"Proximate Cause"
]
} |
the damage was due to the ‘normal wear and tear’ of the car and the airconditioning system, which was an excluded peril in the insurance policy. Mr Ajay
approached the Court and after examining the survey report which said that the
car was 12 years old and neither the car nor the air-conditioning had been
serviced/ rep... | Final IC 38 - WA_Composite - English.md | k37 | Scenario 2: | Final IC 38 - WA_Composite - English_019 | {
"file_size": 20885,
"chunk_index": 19,
"chunk_tokens": 1009,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Indemnity",
"Agreed Value Policy",
"Test Yourself 1",
"Agreed Value:",
"Example"
]
} |
insurer and insured agree on the value of the property to be insured, at the38beginning of the insurance contract. In the event of total loss, the insurer
agrees to pay the agreed amount of the policy. This type of policy is known
as “ **Agreed Value Policy** ”.**b)** **Underinsurance:** Consider a situation now where ... | Final IC 38 - WA_Composite - English.md | e38 | Agreed Value Policy | Final IC 38 - WA_Composite - English_020 | {
"file_size": 20885,
"chunk_index": 20,
"chunk_tokens": 974,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Subrogation:",
"Agreed Value Policy",
"Example",
"Important",
"Underinsurance:"
]
} |
compensation paid by the airline, say, Rs 15 lakhs.**F.** **Contribution:**Like Subrogation, ‘Contribution’ also follows from the Principle of Indemnity.
Hence, it is also called a ‘corollary’ of Indemnity. Contribution is a principle that
arises in general insurance contracts. It tells us how the liability is to be me... | Final IC 38 - WA_Composite - English.md | t40 | F. | Final IC 38 - WA_Composite - English_021 | {
"file_size": 20885,
"chunk_index": 21,
"chunk_tokens": 999,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Key Terms",
"Insurance contract",
"Contribution:",
"Test Yourself 4",
"Chapter Introduction"
]
} |
provide financial protection against certain specified risks for a price or
consideration known as the premium. The contractual agreement takes the
form of an insurance policy.**2.** **Legal aspects of an insurance contract**This section looks at some features of an insurance contract and considers thelegal principles ... | Final IC 38 - WA_Composite - English.md | null | Legal aspects of an insurance contract | Final IC 38 - WA_Composite - English_022 | {
"file_size": 20885,
"chunk_index": 22,
"chunk_tokens": 1015,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Legality",
"Capacity of the parties",
"Agreement between the parties (Consensus Ad-Idem)",
"Paying Premium in Advance",
"Diagram 1:"
]
} |
the premium in advance. In other words, insurance protection cannot be sold oncredit basis in India.Section 64 VB of the Insurance Act 1938 states, “No risk to be assumed unless
premium is received in advance”. No insurer shall assume any risk unless and until
the premium is received in advance or is guaranteed to be p... | Final IC 38 - WA_Composite - English.md | e47 | Solicitation | Final IC 38 - WA_Composite - English_023 | {
"file_size": 20885,
"chunk_index": 23,
"chunk_tokens": 1005,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Insurance Agents",
"Health insurance",
"Grace Period",
"Motor Policies",
"Solicitation"
]
} |
policy of the company and the product offered. All continuity benefits are
maintained if the policy is renewed within the grace period. However Claims, if
any, during the break period will not be considered. As per IRDAI Regulations, the
grace period is 15 days in case of Monthly mode of Premium collection and 30
days ... | Final IC 38 - WA_Composite - English.md | d-19 | Motor Policies | Final IC 38 - WA_Composite - English_024 | {
"file_size": 20885,
"chunk_index": 24,
"chunk_tokens": 957,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Motor Policies",
"Test Yourself 1",
"Cancellation of Policies:",
"Mistake",
"Free-Look Period introduced by “IRDAI”"
]
} |
disclosed as part of the terms and conditions of the insurance contract and
referred to as Short period scales.**Important****i.** **Coercion** - Involves pressure applied through criminal means.**ii.** **Undue influence** – using one’s position to dominate the will of anotherperson, to obtain an undue advantage over t... | Final IC 38 - WA_Composite - English.md | e2 | Important | Final IC 38 - WA_Composite - English_025 | {
"file_size": 20885,
"chunk_index": 25,
"chunk_tokens": 989,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Answer 2",
"Test Yourself 1",
"Answer 3",
"Mistake"
]
} |
premium the insurer would require to accept the risk and whether any extra
conditions are to be imposed on the risk - all these are part of **underwriting** .It is also important to know what rate is to be charged and how the rates aremade.**Definition**Underwriting is the process of determining whether a risk offered ... | Final IC 38 - WA_Composite - English.md | o54 | Definition | Final IC 38 - WA_Composite - English_026 | {
"file_size": 20885,
"chunk_index": 26,
"chunk_tokens": 999,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Product Filing with IRDAI",
"Sources of information for underwriting",
"Underwriting, equity and business sustainability",
"Sources of information are:",
"The purpo... |
and that the prices are decided on a scientific basis.**2.** The insurer should plan for the possibility of withdrawal of the products in thefuture and the options that would be available to the policyholder on such
withdrawal of the product.**3.** The withdrawn product shall not be offered to the prospective customers... | Final IC 38 - WA_Composite - English.md | f56 | C. | Final IC 38 - WA_Composite - English_027 | {
"file_size": 20885,
"chunk_index": 27,
"chunk_tokens": 968,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Premium = (Sum Insured) x (rate)",
"Determining the rate of premium",
"Test Yourself 1",
"Example",
"A rate is the price of a given unit of insurance."
]
} |
fire are more than stone structures; hence, a higher premium is required to insurethe wooden structure.The same concept applies to Life and Health Insurance also. An individual
suffering from high blood pressure or diabetes has higher chances of suffering aheart attack.**Test Yourself 1**Identify the two factors that a... | Final IC 38 - WA_Composite - English.md | f56 | Test Yourself 1 | Final IC 38 - WA_Composite - English_028 | {
"file_size": 20885,
"chunk_index": 28,
"chunk_tokens": 1015,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Determining the rate of premium",
"Test Yourself 1",
"Example",
"Deductible",
"Total Values of 1000 motor vehicles (Rs."
]
} |
similar type and quality.**Test Yourself 2**What is pure premium?I. Premium sufficiently big enough to pay for losses only
II. Premium applicable to marginal members of the society
III. Premium after loading for administrative costs
IV. Premium derived from the most recent loss experience period**2.** **Deductible**‘De... | Final IC 38 - WA_Composite - English.md | n58 | Test Yourself 2 | Final IC 38 - WA_Composite - English_029 | {
"file_size": 20885,
"chunk_index": 29,
"chunk_tokens": 1019,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Answer 2",
"Rating factors",
"Chapter Introduction",
"Key Terms"
]
} |
the premises. In Life Insurance the usual practice is to apply loading for adverse health,habits, heredity or occupational factors.**Key Terms**- Deductibles- Franchise**Answers to Test Yourself****Answer 1** - The correct option is I.**Answer 2** - The correct option is I.59#### CHAPTER C-0 6## CLAIMS PROCESSING**Cha... | Final IC 38 - WA_Composite - English.md | C-0 | Key Terms | Final IC 38 - WA_Composite - English_030 | {
"file_size": 20885,
"chunk_index": 30,
"chunk_tokens": 1018,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Answer 2",
"Categories of claim",
"On account payment",
"Condition of average or average clause"
]
} |
as “Act of God” perils. These perils may result in losses to many policies of insurer
in the affected region. Surveyors are appointed for assessment of certain
categories of non-life insurance claims.In such major and catastrophic losses, the surveyor is asked to proceed to the loss
site immediately for an early assess... | Final IC 38 - WA_Composite - English.md | o62 | On account payment | Final IC 38 - WA_Composite - English_031 | {
"file_size": 20885,
"chunk_index": 31,
"chunk_tokens": 1015,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Discharge vouchers",
"Disputes related to claims",
"On account payment",
"Example",
"Salvage"
]
} |
respective laws applicable. Thus, insurers can recover the loss from shipping
companies, railways, road carriers, airlines, port trust authorities etc.**Example**In the case of non-delivery of consignment, the carriers are responsible for the
loss. Similarly, the port trust is liable for goods which are safely landed b... | Final IC 38 - WA_Composite - English.md | s64 | Example | Final IC 38 - WA_Composite - English_032 | {
"file_size": 20885,
"chunk_index": 32,
"chunk_tokens": 1019,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Disputes related to claims",
"Arbitration",
"Test Yourself 1",
"Example",
"Other dispute resolution mechanisms"
]
} |
refuse to pay the claim on the ground that the policy is void because it was
obtained through fraudulent non-disclosure of material facts (breach of the legal
duty of ‘utmost good faith’), the issue has to be resolved through litigation.**D.** **Other dispute resolution mechanisms**As per IRDAI regulations, all policie... | Final IC 38 - WA_Composite - English.md | t66 | D. | Final IC 38 - WA_Composite - English_033 | {
"file_size": 20885,
"chunk_index": 33,
"chunk_tokens": 947,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Prospectus",
"Test Yourself 1",
"After learning this Chapter you will be able to:",
"Other dispute resolution mechanisms"
]
} |
terms of such prospectusWhether the plan is participative or non-participativeThe allowable Add-on covers (also called Riders in Life insurance) on the productand their benefits are also stated.Other important information which a Prospectus includes:1. Any differences in covers and premium. E.g. for different age group... | Final IC 38 - WA_Composite - English.md | s5 | Test Yourself 1 | Final IC 38 - WA_Composite - English_034 | {
"file_size": 20885,
"chunk_index": 34,
"chunk_tokens": 1006,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Test Yourself 1",
"Proposal Form - Details",
"Proposal Form"
]
} |
as name, father’s name, address and other identifying inputs. To determine the
true identity of their customers, documents like address proof, PAN card,
photographs etc. are collected with the proposal.In respect of Life and Health insurances, details of the proposers’ family members
(including parents) indicating thei... | Final IC 38 - WA_Composite - English.md | null | Declaration in the Proposal Form | Final IC 38 - WA_Composite - English_035 | {
"file_size": 20885,
"chunk_index": 35,
"chunk_tokens": 1003,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Example",
"Some examples of such notes are:",
"Declaration in the Proposal Form",
"Test Yourself 2",
"Anti-Money Laundering and KYC Norms"
]
} |
II. Amount expected to be claimed
III. Duty to Disclose material facts
IV. Confidentiality of details given**Some examples of such notes are:**‘Non-disclosure of facts material to the assessment of the risk, providing
misleading information, fraud or non-co-operation by the insured will nullify the
cover under the poli... | Final IC 38 - WA_Composite - English.md | h2006 | Some examples of such notes are: | Final IC 38 - WA_Composite - English_036 | {
"file_size": 20885,
"chunk_index": 36,
"chunk_tokens": 938,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Definition",
"Some examples of such notes are:",
"Standard Age Proofs",
"Age Proof – for Personal Lines",
"Anti-Money Laundering and KYC Norms"
]
} |
individuals, corporates, partnership firms, trusts and foundationsiii. Income proof documents and financial status, esp. in case of high-valuetransactionsiv. Purpose of insurance contract73**a)** **Age Proof – for Personal Lines**While dealing with person related insurances like Life, Health, Personal Accident,
etc. In... | Final IC 38 - WA_Composite - English.md | t73 | Age Proof – for Personal Lines | Final IC 38 - WA_Composite - English_037 | {
"file_size": 20885,
"chunk_index": 37,
"chunk_tokens": 993,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Answer 2",
"Answer 3",
"Chapter Introduction",
"Customer Service – General concepts"
]
} |
afford to treat them indifferently. The role of customer service and relationships
is important in the service sector and more so for insurance.Every enterprise has a goal to delight its customers. This can be explained by
examining how buying insurance differs from buying a car.A car can be seen, touched, test driven ... | Final IC 38 - WA_Composite - English.md | e78 | Quality of service | Final IC 38 - WA_Composite - English_038 | {
"file_size": 20885,
"chunk_index": 38,
"chunk_tokens": 986,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Customer service and insurance",
"Diagram 1:",
"Test Yourself 1",
"Customer Lifetime Value",
"Diagram 2:"
]
} |
builds goodwill and brand value, which helps in expanding the business.**Test Yourself 1**What is meant by customer lifetime value?I. Sum of costs incurred while servicing the customer over his lifetime78II. Rank given to customer based on business generated
III. Sum of economic benefits that can be achieved by buildin... | Final IC 38 - WA_Composite - English.md | e78 | Test Yourself 1 | Final IC 38 - WA_Composite - English_039 | {
"file_size": 20885,
"chunk_index": 39,
"chunk_tokens": 995,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Customer Journey’",
"Prospecting:",
"Test Yourself 1",
"Communication:",
"Customer Relationships and Service"
]
} |
them and be known by them.All the people one knows and approaches may not be proper candidates for
insurance or they may not be interested in buying. It is thus necessary to
**qualify** them so that one targets only those who are likely to buy insurance.
The prospecting process becomes successful only when an agent is ... | Final IC 38 - WA_Composite - English.md | n81 | Invite for an Interview: | Final IC 38 - WA_Composite - English_040 | {
"file_size": 20885,
"chunk_index": 40,
"chunk_tokens": 1006,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Handling Objections and Closing the Sale:",
"The Proposal stage",
"Invite for an Interview:",
"Example"
]
} |
He/ she also **needs to be a risk assessor, underwriter, risk management**
**counsellor, designer of customised solutions and a relationship builder** (who
thrives on building trust and long-term relationships), all rolled into one.**2.** **The Proposal stage**The agent has to support the customer in filling out the pr... | Final IC 38 - WA_Composite - English.md | d82 | The Proposal stage | Final IC 38 - WA_Composite - English_041 | {
"file_size": 20885,
"chunk_index": 41,
"chunk_tokens": 1015,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Policy Document",
"Premium",
"Acceptance stage",
"Cover notes/ Certificates of Insurance",
"Premium Payment"
]
} |
name of such proposer/ policyholder.83**6.** **Service after issuance of Policy Document and Receipt for Premium**Once the premium is paid by the customer, the insurer is bound to issue a
receipt. A receipt is also to be issued even in case the premium is paid inadvance.The agent may approach the insured and enquire wh... | Final IC 38 - WA_Composite - English.md | e84 | Service after issuance of Policy Document and Receipt for Premium | Final IC 38 - WA_Composite - English_042 | {
"file_size": 20885,
"chunk_index": 42,
"chunk_tokens": 939,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Policy Renewal",
"Barriers to effective communication",
"Communication skills in customer service",
"Diagram 3:",
"Forms of communication"
]
} |
**work and outside. Communication skills are the most important of these soft**
**skills.****1.** **Process of communication**What is communication?All communications require a sender, who sends a message, and a person who
received that message. The process is complete once the receiver has understood
the message of th... | Final IC 38 - WA_Composite - English.md | e86 | Process of communication | Final IC 38 - WA_Composite - English_043 | {
"file_size": 20885,
"chunk_index": 43,
"chunk_tokens": 904,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Being open, confident and positive",
"Making a great first impression",
"A warm, confident and winning smile",
"Non-verbal Communication",
"Barriers to effective c... |
talk, walk, sit and stand, all says something about us, and what is happeninginside us.87It is often said that people listen to only a small percentage of what is actually
said. What we don’t say may speak a lot more about us in a louder way. Obviously,
one needs to be very careful about one’s body language.**a)** **Co... | Final IC 38 - WA_Composite - English.md | null | Confidence | Final IC 38 - WA_Composite - English_044 | {
"file_size": 20885,
"chunk_index": 44,
"chunk_tokens": 1010,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Paying attention",
"Ethical Behavior",
"Paraphrasing the speaker’s exact words",
"Removing filters:",
"Test Yourself 4"
]
} |
benefits of some of our health plans. Could you help us by asking us your doubts?”89**Paraphrasing the speaker’s exact words** – “So, you are saying that ‘our health
plans are not attractive enough’ – Have I understood you correctly?”**Test Yourself 4**Which among the following is not an element of active listening?I. ... | Final IC 38 - WA_Composite - English.md | g91 | Paraphrasing the speaker’s exact words | Final IC 38 - WA_Composite - English_045 | {
"file_size": 20885,
"chunk_index": 45,
"chunk_tokens": 1003,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Answer 2",
"Grievance Redressal",
"Ethical Behavior",
"Paraphrasing the speaker’s exact words"
]
} |
**Answer 5** - The correct option is III.92## CHAPTER C-09## GRIEVANCE REDRESSAL MECHANISM**Chapter Introduction**Insurance industry is essentially a service industry where customer expectations
are constantly rising. There is dissatisfaction with the standard of services.
Despite continuous product innovation and sign... | Final IC 38 - WA_Composite - English.md | C-09 | Answer 5 | Final IC 38 - WA_Composite - English_046 | {
"file_size": 20885,
"chunk_index": 46,
"chunk_tokens": 998,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Grievance Redressal",
"Word of mouth publicity (Good/ Bad) plays a",
"Chapter Introduction",
"Integrated Grievance Management System (IGMS)",
"Answer 5"
]
} |
The complaint registration process involves two steps – (i) Registering oneself by
entering one’s policy details and (ii) Registering one’s complaints and viewing the
status of the complaints. Complaints are then forwarded to the respective
insurance companies and IRDAI facilitates disposal of Grievances.IGMS tracks co... | Final IC 38 - WA_Composite - English.md | g95 | C. | Final IC 38 - WA_Composite - English_047 | {
"file_size": 20885,
"chunk_index": 47,
"chunk_tokens": 1005,
"has_examples": true,
"has_tables": true,
"key_concepts": [
"Consumer",
"Defect",
"Consumer dispute",
"State Consumer Disputes Redressal Commission",
"Channels for Consumer Disputes Redressal"
]
} |
service and compensation, if any claimed exceeds Rs. 1 crore but does not
exceed Rs.10 crores.
It also has appellate and supervisory jurisdiction to entertain appeals fromthe District Commission.
Other powers and authority are similar to those of the District Commission.**iii.** **National Consumer Disputes Redress... | Final IC 38 - WA_Composite - English.md | l2 | National Consumer Disputes Redressal Commission | Final IC 38 - WA_Composite - English_048 | {
"file_size": 20885,
"chunk_index": 48,
"chunk_tokens": 984,
"has_examples": false,
"has_tables": true,
"key_concepts": [
"State Government",
"Commission",
"Procedure for filing a complaint",
"Consumer Commission Orders",
"The Insurance Ombudsman"
]
} |
any of the following:
i. To **return** to the complainant the **price** (or premium in case of insurance)and/ or charges paid by the complainant
ii. To award such amount as **compensation** to the consumers for any loss orinjury suffered by the consumer due to negligence of the opposite party
iii. To remove the defects... | Final IC 38 - WA_Composite - English.md | d98 | Nature of complaints | Final IC 38 - WA_Composite - English_049 | {
"file_size": 20885,
"chunk_index": 49,
"chunk_tokens": 1013,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Complaints can be made to the Ombudsman if:",
"Award",
"The Insurance Ombudsman",
"Nature of complaints",
"Insurance Ombudsman Rules 2017"
]
} |
the insurance company had rejected the complaint or
the complainant had not received any reply within one month afterreceipt of the complaint by the insurer.
ii. The complainant is not satisfied with the reply given by the insurer
iii. The complaint is made within one year from the date of rejection by theinsurance... | Final IC 38 - WA_Composite - English.md | d99 | Recommendations by the Ombudsman | Final IC 38 - WA_Composite - English_050 | {
"file_size": 20885,
"chunk_index": 50,
"chunk_tokens": 1011,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Test Yourself 1",
"Award",
"Definitions:",
"Right to Information"
]
} |
2. The Consumer Protection Act, 2019
3. District Commission4. State Commission5. National Commission6. Insurance Ombudsman**Answers to Test Yourself****Answer 1** -The correct answer is I.100## CHAPTER C-10## REGULATORY ASPECTS FOR WEB AGGREGATORS**Chapter Introduction**In this chapter, we discuss Regulatory aspects of... | Final IC 38 - WA_Composite - English.md | n4 | Answers to Test Yourself | Final IC 38 - WA_Composite - English_051 | {
"file_size": 20885,
"chunk_index": 51,
"chunk_tokens": 997,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Definitions:",
"Chapter Introduction",
"Answer 1",
"Learning Outcomes"
]
} |
2. The chief executive officer appointed exclusively to carry out thefunctions of a Web Aggregator;
**m.** “Solicitation” for the purpose of these Regulations is defined as theapproach of a Prospect by an insurer or an intermediary with a view to
convince the Prospect to purchase an insurance policy;
**n.** “Telemarket... | Final IC 38 - WA_Composite - English.md | null | Schedule I of these Regulations. | Final IC 38 - WA_Composite - English_052 | {
"file_size": 20885,
"chunk_index": 52,
"chunk_tokens": 972,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Schedule I of these Regulations.",
"India."
]
} |
**g.** The Authority is of the opinion that the grant of license will be in theinterest of policyholders.**3. Application seeking Grant of License.****a.** An applicant, seeking grant of License as Web Aggregator shall make anapplication to the Authority in **the application Form A (Application for**
**grant of certifi... | Final IC 38 - WA_Composite - English.md | null | Schedule I of these Regulations. | Final IC 38 - WA_Composite - English_053 | {
"file_size": 20885,
"chunk_index": 53,
"chunk_tokens": 962,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Schedule I of these Regulations.",
"India."
]
} |
Authority may refuse to renew the license.105**5. Employees of the Web Aggregator:****a.** The employees of the Web Aggregator involved in insurance solicitationand verification should have completed the fifty hours of theoretical and
practical training on insurance from an institution recognized by the
Authority from ... | Final IC 38 - WA_Composite - English.md | b106 | Transfer of shares | Final IC 38 - WA_Composite - English_054 | {
"file_size": 20885,
"chunk_index": 54,
"chunk_tokens": 1002,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Policy of Board",
"Transfer of shares"
]
} |
Authority.ii. The process of transfer of shares of Web Aggregator shall be as given in FormAB (Transfer of shares) of Schedule XII of these regulations.**8. Grant of registration certificate by IRDA****i.** When the application is filed after fulfilling all the required conditions andafter submitting all the required d... | Final IC 38 - WA_Composite - English.md | t107 | Policy of Board | Final IC 38 - WA_Composite - English_055 | {
"file_size": 20885,
"chunk_index": 55,
"chunk_tokens": 1005,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Conflict of interest –",
"Change in name of an Insurance Web Aggregator",
"Professional indemnity insurance",
"Duties and Functions of web Aggregators.",
"The Web... |
which shall be given access to the Authority on remote basis.d) An Authorised Verifier may shift from one insurance Web Aggregator/ Tele
marketer to another after obtaining a No Objection Certificate from his
previous employer or 30 days of requesting for the same whichever is earlier.**15.** **Duties and Functions of ... | Final IC 38 - WA_Composite - English.md | e110 | Duties and Functions of web Aggregators. | Final IC 38 - WA_Composite - English_056 | {
"file_size": 20885,
"chunk_index": 56,
"chunk_tokens": 1000,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"The Web Aggregator shall",
"Duties and Functions of web Aggregators."
]
} |
shall necessarily include details relating to, though not limited to, the
following:
i) Time-frame and mode of transmission of leads to be shared
ii) Onus of complying with regulatory and other legal requirements onboth the parties to the agreement
iii) Identifying the different data elements to be shared (viz., name o... | Final IC 38 - WA_Composite - English.md | null | null | Final IC 38 - WA_Composite - English_057 | {
"file_size": 20885,
"chunk_index": 57,
"chunk_tokens": 1000,
"has_examples": false,
"has_tables": false,
"key_concepts": []
} |
iii) Fails to adhere to the Code of Conduct specified above.
iv) Furnishes wrong or false information for obtaining a license; or concealsor fails to disclose material facts in the application submitted for
obtaining a license;
v) Fails to furnish any information relating to his activities as an insuranceWeb Aggregator... | Final IC 38 - WA_Composite - English.md | s113 | null | Final IC 38 - WA_Composite - English_058 | {
"file_size": 20885,
"chunk_index": 58,
"chunk_tokens": 953,
"has_examples": false,
"has_tables": false,
"key_concepts": []
} |
may be designated by them and notified to the Authority, and shall be
available on all working days to such officers of the Authority, authorised
in this behalf by it for an inspection.
**e.** All the Electronic Records, books and documents, statements, contractnotes etc., referred to in these Regulations and maintaine... | Final IC 38 - WA_Composite - English.md | s113 | Chapter Introduction | Final IC 38 - WA_Composite - English_059 | {
"file_size": 20885,
"chunk_index": 59,
"chunk_tokens": 970,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"The Asset – Human Life Value (HLV)",
"Example",
"Chapter Introduction",
"Learning Outcomes",
"Human Life Value (HLV)"
]
} |
It is known as **Human Life Value (HLV)** and is used worldwide.The HLV concept considers human life as a kind of property or asset that earns
an income. It thus measures the value of human life based on an individual’s
expected net future earnings. Net earnings means the income a person expects
to earn each year in th... | Final IC 38 - WA_Composite - English.md | l1 | Human Life Value (HLV) | Final IC 38 - WA_Composite - English_060 | {
"file_size": 20885,
"chunk_index": 60,
"chunk_tokens": 1001,
"has_examples": true,
"has_tables": true,
"key_concepts": [
"Nature of life insurance risk",
"Interest",
"Diagram 1:",
"Example",
"Assurance:"
]
} |
|---|---|
| Duration: The contract is generally short<br>period or for one year renewable basis| The contract is generally long term<br>though some one year renewable<br>contracts are also prevalent|
| Uncertainty: In general insurance<br>contracts, the concerned risk event is<br>uncertain. No one can be certain abo... | Final IC 38 - WA_Composite - English.md | null | Nature of life insurance risk | Final IC 38 - WA_Composite - English_061 | {
"file_size": 20885,
"chunk_index": 61,
"chunk_tokens": 1009,
"has_examples": true,
"has_tables": true,
"key_concepts": [
"Nature of life insurance risk",
"The Life Insurance Contract",
"Level premiums",
"Example",
"Advantages"
]
} |
company and invest the balance premiums in instruments that yield higher
returns.Let us consider the arguments for and against traditional cash value insurance
contracts.**a)** **Advantages**i. Insurance has historically been proven as a **safe and secure investment**
**offering** a minimum guaranteed rate of return, w... | Final IC 38 - WA_Composite - English.md | t2 | Advantages | Final IC 38 - WA_Composite - English_062 | {
"file_size": 20885,
"chunk_index": 62,
"chunk_tokens": 1011,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Test Yourself 1",
"Financial planning and the individual life cycle",
"Key Terms",
"What is financial planning?",
"The Economic Life Cycle"
]
} |
various stages in life, during which he/ she is expected to play a series of roles
These stages are illustrated in the diagram given below.**Diagram 2:** **The Economic Life Cycle**124**Life Stages and Priorities****a)** **Learner (till say age 20 -25)** :The stage when one is preparing for hisfuture byimproving his or... | Final IC 38 - WA_Composite - English.md | r125 | Diagram 2: | Final IC 38 - WA_Composite - English_063 | {
"file_size": 20885,
"chunk_index": 63,
"chunk_tokens": 1005,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"The Economic Life Cycle",
"Life Stages and Priorities",
"Diagram 2:",
"Empty Nester(age 55 to 65):",
"Example"
]
} |
particular role, a number of needs come up for which funds have to be provided.**Example**When a person gets married and starts a family of his own, he may need to have
his own house. As children grow older, funds are needed for their higher
education. As an individual goes well past middle age, the concern is for havi... | Final IC 38 - WA_Composite - English.md | null | Example | Final IC 38 - WA_Composite - English_064 | {
"file_size": 20885,
"chunk_index": 64,
"chunk_tokens": 1001,
"has_examples": true,
"has_tables": true,
"key_concepts": [
"Wealth accumulation",
"Individual needs",
"Financial products",
"Contingency",
"Risk profile and investments"
]
} |
need to have all three types of products. In a nutshell one may say there is:i. A need to save – For cash requirementsii. A need to insure – Against uncertaintiesiii. A need to invest – For wealth creation**6.** **Risk profile and investments**As an individual moves through various stages in the life cycle, from young ... | Final IC 38 - WA_Composite - English.md | s128 | Risk profile and investments | Final IC 38 - WA_Composite - English_065 | {
"file_size": 20885,
"chunk_index": 65,
"chunk_tokens": 1014,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Risk profile and investments",
"Multiple investment choices",
"Risk Profile",
"Test Yourself 1",
"Role of Financial planning"
]
} |
while upgrading it over time.**iv.** **Inflation**Inflation is a rise in the general level of prices of goods and services in an
economy over a period of time. This leads to a fall in the value of money. As
a result, the purchasing power of money gets reduced. Inflation can play
havoc post retirement. Financial plannin... | Final IC 38 - WA_Composite - English.md | s131 | Inflation | Final IC 38 - WA_Composite - English_066 | {
"file_size": 20885,
"chunk_index": 66,
"chunk_tokens": 1007,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Financial Planning Advisory Services",
"Health insurance",
"Investment planning",
"Returns",
"Example"
]
} |
type of policy is best suited.**i.** **Life insurance** may be decided by estimating the income and expenserequirements of the dependents in the event of premature death of the
bread winner.**ii.** **Health insurance** requirements may be assessed in terms of thehospitalisation expenses that are likely to be incurred i... | Final IC 38 - WA_Composite - English.md | null | Life insurance | Final IC 38 - WA_Composite - English_067 | {
"file_size": 20885,
"chunk_index": 67,
"chunk_tokens": 1011,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Investment planning",
"Time horizon",
"Estate planning",
"Risk tolerance",
"Retirement planning"
]
} |
meet his needs post retirement and deciding on various retirement options for
meeting these needs. Retirement planning involves three phases**a)** **Accumulation:** Accumulation of funds is done through various kinds ofstrategies to set aside money for investment with this purpose.**b)** **Conservation:** Conservation ... | Final IC 38 - WA_Composite - English.md | m134 | Accumulation: | Final IC 38 - WA_Composite - English_068 | {
"file_size": 20885,
"chunk_index": 68,
"chunk_tokens": 1005,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Answer 2",
"Estate planning",
"Answer 3",
"Tax planning"
]
} |
**Answer 3** - The correct option is III.136## CHAPTER L-03## LIFE INSURANCE PRODUCTS: TRADITIONAL**Chapter Introduction**The chapter introduces you to the world of life insurance products. It begins by
talking about products in general and then proceeds to discussing the need for
life insurance products and the role t... | Final IC 38 - WA_Composite - English.md | L-03 | Answer 3 | Final IC 38 - WA_Composite - English_069 | {
"file_size": 20885,
"chunk_index": 69,
"chunk_tokens": 1015,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Riders in Life Insurance Products",
"Tangible",
"Answer 3",
"Suitability Information",
"Example"
]
} |
insurance policy to a client, an Agents should be able to justify the suitability of
the product for the client’s needs.In other words, the Agent takes into account the particular prospect’s risk profile- age, income, family status, life stage, financial and family goals, investment
objectives, insurance portfolio alre... | Final IC 38 - WA_Composite - English.md | p139 | Riders in Life Insurance Products | Final IC 38 - WA_Composite - English_070 | {
"file_size": 20885,
"chunk_index": 70,
"chunk_tokens": 996,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Riders in Life Insurance Products",
"Disability",
"Convertibility",
"Term insurance as a rider",
"Purpose"
]
} |
insured suffers from a specified disability during the term of the contract, a
disability benefit would be paid to the beneficiaries/ insured person. The
benefits will continue till the death of the insured person.**Diagram 2:** **Disability****c)** **Term insurance as a rider**Protection under Term Life is usually pro... | Final IC 38 - WA_Composite - English.md | null | Diagram 2: | Final IC 38 - WA_Composite - English_071 | {
"file_size": 20885,
"chunk_index": 71,
"chunk_tokens": 1008,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Disability",
"Whole life insurance",
"Convertibility",
"Variants",
"Term insurance as a rider"
]
} |
account. He/ she can withdraw cash in the form of a policy loan from this cash
value or even redeem it by surrendering the policy for its cash value.142In case of outstanding loans, the amount of loan and interest get deducted from
the pay-out to the beneficiaries upon death.**A whole life policy is a good plan for the... | Final IC 38 - WA_Composite - English.md | null | A whole life policy is a good plan for the main earner of the family who wishes | Final IC 38 - WA_Composite - English_072 | {
"file_size": 20885,
"chunk_index": 72,
"chunk_tokens": 996,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Non-participating products",
"Variants:",
"Example",
"Money Back Policy",
"Endowment Assurance"
]
} |
addition to a guaranteed sum assured, a share in the surpluses( bonuses) that are
generated by the insurer. These are known as ‘With Profit’ plans.**6.** **Non-participating products**The Policy holders who buy non-linked without profit [non par] plans are paid a
benefit that is fixed and guaranteed at the beginning of... | Final IC 38 - WA_Composite - English.md | n144 | Non-participating products | Final IC 38 - WA_Composite - English_073 | {
"file_size": 20885,
"chunk_index": 73,
"chunk_tokens": 1016,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Non-participating products",
"Example",
"Important",
"Pension Plans and Annuities",
"Saral Pension:"
]
} |
designed to help protect one from the risk of outliving one’s income. Through
annuitization, one’s contributions are converted into periodic payments that can
last for life.Individuals can avail of pension benefits by purchasing pension plans from
insurance companies. Pension plans can be **on accumulation or deferred*... | Final IC 38 - WA_Composite - English.md | o4353 | Saral Pension: | Final IC 38 - WA_Composite - English_074 | {
"file_size": 20885,
"chunk_index": 74,
"chunk_tokens": 1009,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Answer 2",
"Chapter Introduction",
"Key Terms",
"Answer 1"
]
} |
4. Money back policy
5. Par and non-par schemes
6. Reversionary bonus146**Answers to Test Yourself****Answer 1** -The correct option is III.
**Answer 2** - The correct option is I.147## CHAPTER L-04## LIFE INSURANCE PRODUCTS: NON-TRADITIONAL**Chapter Introduction**The chapter introduces you to the world of non-traditio... | Final IC 38 - WA_Composite - English.md | s146 | Answers to Test Yourself | Final IC 38 - WA_Composite - English_075 | {
"file_size": 20885,
"chunk_index": 75,
"chunk_tokens": 973,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Test Yourself 1",
"Limitations of traditional products",
"Some non-traditional products",
"Yield:",
"Policies that can beat inflation:"
]
} |
became very popular. Its features are **flexible premiums, flexible face amount**
**and death benefit amounts.** Unlike traditional policies, where fixed premiums
have to be paid periodically to keep the contract in force, universal life policies
allow the policyholder (within limits) to decide the amount of premiums h... | Final IC 38 - WA_Composite - English.md | e2019 | Unit linked insurance | Final IC 38 - WA_Composite - English_076 | {
"file_size": 20885,
"chunk_index": 76,
"chunk_tokens": 1005,
"has_examples": false,
"has_tables": true,
"key_concepts": [
"Transparent structure",
"Diagram 1:",
"Unitising",
"Death Benefit",
"The Value of Units"
]
} |
policyholder’s account at the date when the claim payment is due to be made. A
unit is created by dividing an investment fund into a number of equal parts.**ii.** **Transparent structure**The charges for insurance cover and expenses in ULIPs are clearly specified. Once
these charges are deducted from the premium, the b... | Final IC 38 - WA_Composite - English.md | e2 | Transparent structure | Final IC 38 - WA_Composite - English_077 | {
"file_size": 20885,
"chunk_index": 77,
"chunk_tokens": 894,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Summary",
"Answers to Test Yourself",
"Answer 2",
"Transparent structure",
"Diagram 1:"
]
} |
It has other applications as well. It can be applied to the creation of trusts with
resultant insurance benefits; it can be applied for creating a policy covering key
personnel of industries and also for redeeming mortgages. We shall briefly
describe these various applications of life insurance.**Learning Outcomes**154... | Final IC 38 - WA_Composite - English.md | y155 | Learning Outcomes | Final IC 38 - WA_Composite - English_078 | {
"file_size": 20885,
"chunk_index": 78,
"chunk_tokens": 1007,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Mortgage Redemption Insurance (MRI)",
"Diagram 1:",
"What is MRI?",
"Married Women’s Property Act",
"Learning Outcomes"
]
} |
manager, or someone with specific skills or knowledge which is especially
valuable to the company.**b)** **Insurable losses**The following are the losses for which key person insurance can provide
compensation:156i. Losses related to the extended period when a key person is unable towork, to provide temporary personnel... | Final IC 38 - WA_Composite - English.md | L-06 | Insurable losses | Final IC 38 - WA_Composite - English_079 | {
"file_size": 20885,
"chunk_index": 79,
"chunk_tokens": 1017,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Mortgage Redemption Insurance (MRI)",
"Rebates",
"Test Yourself 1",
"Insurance pricing – Basic elements"
]
} |
most cases the same throughout the term and are expressed as an annual rate.**Example**If the premium for a twenty year endowment policy for a given age is Rs. 4,800,
it means that Rs. 4,800 has to be paid each year for twenty years.However it is possible to have some policies in which the premiums are payable
only in ... | Final IC 38 - WA_Composite - English.md | d160 | Example | Final IC 38 - WA_Composite - English_080 | {
"file_size": 20885,
"chunk_index": 80,
"chunk_tokens": 1006,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Extra charges",
"Rebates",
"Example",
"Rebate for sum assured",
"Components of Premium"
]
} |
‘loading’] the other elements to the net premium we get the gross or office
premium**a)** **Mortality and Interest**Mortality is the first element in premiums. It is the chance or likelihood that
a person of a certain age would die during a given year. To find out the
expected Mortality of a person, “Mortality Tables” ... | Final IC 38 - WA_Composite - English.md | s164 | Mortality and Interest | Final IC 38 - WA_Composite - English_081 | {
"file_size": 20885,
"chunk_index": 81,
"chunk_tokens": 997,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Surplus and bonus",
"Net premium",
"Test Yourself 1",
"Example",
"Lapses and contingencies"
]
} |
**contingencies + Bonus loading****Test Yourself 1**What does a policy lapse mean?I. Policyholder completes premium payment for a policy
II. Policyholder discontinues premium payment for a policy
III. Policy attains maturity
IV. Policy is withdrawn from the market**B.** **Surplus and bonus****1.** **Determination of su... | Final IC 38 - WA_Composite - English.md | s164 | Test Yourself 1 | Final IC 38 - WA_Composite - English_082 | {
"file_size": 20885,
"chunk_index": 82,
"chunk_tokens": 1013,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Compound Bonus",
"Surplus and bonus",
"Simple Reversionary Bonus",
"Test Yourself 1",
"Example"
]
} |
already attached bonuses. It is thus a bonus on a bonus. A way to express it
may be as @ 8% of basic sum assured plus attached bonus.**iii.** **Terminal Bonus**As the name suggests, this bonus attaches to the contract only at the time of
its termination [by death or maturity]. It is applicable only for the claims
arisi... | Final IC 38 - WA_Composite - English.md | m2 | Terminal Bonus | Final IC 38 - WA_Composite - English_083 | {
"file_size": 20885,
"chunk_index": 83,
"chunk_tokens": 990,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Prospectus:",
"Proposal Form:",
"The Contribution Method",
"Chapter Introduction"
]
} |
The prospectus should also provide:(a) a description of the contingency or contingencies to be covered by
insurance;
(b) the class or classes of lives or property eligible for insurance under theterms of such prospectus.
In Life insurance, the prospectus should also mention about the Riders (also called
Add-on covers i... | Final IC 38 - WA_Composite - English.md | null | Proposal Form: | Final IC 38 - WA_Composite - English_084 | {
"file_size": 20885,
"chunk_index": 84,
"chunk_tokens": 1013,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Moral Hazard report",
"Proposal Form:",
"B. Policy Stage Documentation",
"Example",
"First Premium Receipt"
]
} |
of purchasing a life insurance policy and such a change would increase the chance
of a loss. This is one factor that Life insurance underwriters take into account
seriously when assessing the risk.Life insurance companies seek to guard against the possibility of individuals
seeking to make a profit from the purchase of... | Final IC 38 - WA_Composite - English.md | null | Example | Final IC 38 - WA_Composite - English_085 | {
"file_size": 20885,
"chunk_index": 85,
"chunk_tokens": 1007,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Standard Provisions",
"Policy Schedule",
"Diagram 1:",
"Specific Policy Provisions",
"Example"
]
} |
insurance contractiv. The signature of the authorised signatory and policy stampv. The address of the local Insurance Ombudsman.**b)** **Standard Provisions**The second component of the policy document is made up of standard policy
provisions, such as relating to proof of age, premium payment grace period
etc. which ar... | Final IC 38 - WA_Composite - English.md | null | Standard Provisions | Final IC 38 - WA_Composite - English_086 | {
"file_size": 20885,
"chunk_index": 86,
"chunk_tokens": 985,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Grace Period",
"Specific Policy Provisions",
"Test Yourself 1",
"Example",
"Payment of overdue premiums with interest:"
]
} |
insurability of the insured. Not only must her health be satisfactory but
other factors such as financial income and morals must not have
deteriorated substantially.**iii.** **Payment of overdue premiums with interest:** The policy owner isrequired to make payment of all overdue premiums with interest from due
date of ... | Final IC 38 - WA_Composite - English.md | null | Payment of overdue premiums with interest: | Final IC 38 - WA_Composite - English_087 | {
"file_size": 20885,
"chunk_index": 87,
"chunk_tokens": 1020,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Policy loans",
"Non-forfeiture provisions",
"Example",
"Payment of overdue premiums with interest:",
"Important"
]
} |
amount if the policy had been surrendered. In that case the insurance would have
been terminated.Insurers charge interest on policy loans, which are payable semi-annually or
annually. Although loan and interest are repayable periodically, If the loan has
not been repaid, the insurer deducts the amount of outstanding (u... | Final IC 38 - WA_Composite - English.md | null | Example | Final IC 38 - WA_Composite - English_088 | {
"file_size": 20885,
"chunk_index": 88,
"chunk_tokens": 1000,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Special policy provisions and endorsements",
"Example",
"Provisions related to nomination",
"Important",
"A nominee does not have any right"
]
} |
to them jointly, or to the survivor or survivors. Nominations made after the
commencement of the policy have to be intimated to the insurers to be
effective.176Section 39(11) of the Insurance Act says that where a policyholder dies after
the maturity of the policy but the proceeds and benefit of his policy has not
been... | Final IC 38 - WA_Composite - English.md | null | Diagram 2: | Final IC 38 - WA_Composite - English_089 | {
"file_size": 20885,
"chunk_index": 89,
"chunk_tokens": 1016,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Commonly extended privileges to policyholders",
"Types of Assignment",
"Provisions related to nomination",
"Conditions for valid assignment",
"Important"
]
} |
doubt the alleged loss. Satisfactory proof may need to be produced that the
policy has been lost and not dealt with in any manner. Generally the claim
may be settled on the claimant furnishing an indemnity bond with or without
surety.If payment is shortly due and the amount to be paid is high, the office may
also insis... | Final IC 38 - WA_Composite - English.md | y179 | Alteration | Final IC 38 - WA_Composite - English_090 | {
"file_size": 20885,
"chunk_index": 90,
"chunk_tokens": 1013,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Summary",
"Key Terms",
"Alteration",
"Test Yourself 2"
]
} |
force a policy that has either been terminated because of non-payment of
premiums or has been continued under one of the non-forfeiture provisions.A policy loan is different from an ordinary commercial loan in two respects,
firstly the policy owner is not legally obligated to repay the loan and the
insurer need not per... | Final IC 38 - WA_Composite - English.md | e13 | Key Terms | Final IC 38 - WA_Composite - English_091 | {
"file_size": 20885,
"chunk_index": 91,
"chunk_tokens": 1014,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Key Terms",
"Field or Primary level",
"Equity among risks",
"Substandard lives",
"Chapter Introduction"
]
} |
These consist of those whose anticipated mortality corresponds to the
standard lives represented by the mortality table.**ii.** **Preferred risks**
These are the ones whose anticipated mortality is significantly lower than
standard lives and hence could be charged a lower premium.**iii.** **Substandard lives**
These ar... | Final IC 38 - WA_Composite - English.md | d184 | Preferred risks | Final IC 38 - WA_Composite - English_092 | {
"file_size": 20885,
"chunk_index": 92,
"chunk_tokens": 1004,
"has_examples": true,
"has_tables": true,
"key_concepts": [
"Underwriting at the Department level",
"Methods of Underwriting",
"Methods of underwriting",
"Acceptance with a lien on the sum assured:",
"Substandard lives"
]
} |
with regard to a life proposed for underwriting.**a)** **Acceptance at ordinary rates (OR)** is the most common decision. Thisrating indicates that the risk is accepted at the same rate of premium as
would apply to an ordinary or standard life.**Diagram 3:** **Underwriting decisions****b)** **Acceptance with an extra:*... | Final IC 38 - WA_Composite - English.md | s187 | Acceptance at ordinary rates (OR) | Final IC 38 - WA_Composite - English_093 | {
"file_size": 20885,
"chunk_index": 93,
"chunk_tokens": 1013,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Example: Consider the case of an insured who",
"Acceptance with a restrictive clause:",
"Minors",
"Acceptance with a lien on the sum assured:",
"Test Yourself 1"
... |
are assessed as part of **financial underwriting**, while medical aspects of health
fall under **medical underwriting** .**a)** **Female insurance**Women generally have greater longevity than men. However they may face
some problems with respect to moral hazard. This is because many women in
Indian society are victims ... | Final IC 38 - WA_Composite - English.md | e188 | Female insurance | Final IC 38 - WA_Composite - English_094 | {
"file_size": 20885,
"chunk_index": 94,
"chunk_tokens": 1004,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Examples",
"Minors",
"Occupation",
"Accidental hazards",
"Health hazards"
]
} |
can provide.**Examples**
When a proposal is submitted at a branch located far away from the place of
residence of the proposed insuredA medical examination is done elsewhere even when a qualified medical
examiner is available near one’s place of residence.A third case is when a proposal is made on the life of another w... | Final IC 38 - WA_Composite - English.md | d189 | Examples | Final IC 38 - WA_Composite - English_095 | {
"file_size": 20885,
"chunk_index": 95,
"chunk_tokens": 990,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Examples",
"Moral hazard",
"Health hazards",
"Occupation",
"Accidental hazards"
]
} |
and suicides.**Substance abuse** : Substance abuse refers to the use of various kinds of
substances like drugs or narcotics, sedatives and other similar stimulants.
Some of these are even illegal and their use indicates criminal disposition and
moral hazard.**Test Yourself 2**Which of the following is an example of mor... | Final IC 38 - WA_Composite - English.md | c192 | Substance abuse | Final IC 38 - WA_Composite - English_096 | {
"file_size": 20885,
"chunk_index": 96,
"chunk_tokens": 990,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Substance abuse",
"Backdating:",
"Getting a lower premium based on age:",
"Average longevity of the family",
"Blood pressure"
]
} |
balance among various salts in the urinary system. It can indicate any
malfunctioning of the system.**d)** **Backdating:**Backdating means changing the start date of the policy to an earlier one. For
example, you bought a Life insurance policy on 1st June, 2013 but later you
think that the policy would have generated b... | Final IC 38 - WA_Composite - English.md | r1945 | Backdating: | Final IC 38 - WA_Composite - English_097 | {
"file_size": 20885,
"chunk_index": 97,
"chunk_tokens": 1017,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Set the timing of payment:",
"To coincide with special dates:",
"Answers to Test Yourself",
"Answer 2",
"Backdating:"
]
} |
2. Standard life
3. Non-medical underwriting
4. Rating factor1945. Medical underwriting
6. Anti-selection**Answers to Test Yourself****Answer 1** - The correct option is III.**Answer 2** - The correct option is II.**Answer 3** - The correct option is II.195## CHAPTER L-09## LIFE INSURANCE CLAIMS**Chapter Introduction**... | Final IC 38 - WA_Composite - English.md | r1945 | Answers to Test Yourself | Final IC 38 - WA_Composite - English_098 | {
"file_size": 20885,
"chunk_index": 98,
"chunk_tokens": 1011,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Answer 2",
"Survival claim",
"Answer 3",
"Diagram 1:"
]
} |
contract itself. For instance, the date of maturity and the dates when the
instalments of survival benefits may be paid under a money back policy
are clearly laid out at the time of preparing the contract.**iii.** **Surrender value payments** are different from other claim payments.Here, unlike other claims, the event ... | Final IC 38 - WA_Composite - English.md | null | Surrender value payments | Final IC 38 - WA_Composite - English_099 | {
"file_size": 20885,
"chunk_index": 99,
"chunk_tokens": 986,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Maturity Claim",
"Participating Plan:",
"Rider Benefit",
"III.",
"Annuities:"
]
} |
**iii.** **Unit Linked Insurance Plan (ULIP):** In case of ULIPs, the insurer pays thefund value as the maturity claim.**iv.** **Money-back Plan:** In case of money-back policy, the insurer pays thematurity claim minus the survival benefits already paid during the term of
the policy.The insurance contact terminates aft... | Final IC 38 - WA_Composite - English.md | k201 | Unit Linked Insurance Plan (ULIP): | Final IC 38 - WA_Composite - English_100 | {
"file_size": 20885,
"chunk_index": 100,
"chunk_tokens": 1001,
"has_examples": false,
"has_tables": false,
"key_concepts": [
"Repudiation of death claim",
"Section 45",
"Section 45: Indisputability Clause",
"Unit Linked Insurance Plan (ULIP):",
"Important"
]
} |
repudiated giving all the relevant reasons, within 30 days from the date
of receipt of all relevant papers and required clarifications. However, if
the insurer needs the claim to be investigated, it shall initiate and
complete the investigation at the earliest, in any case not later than 90
days from the date of receip... | Final IC 38 - WA_Composite - English.md | k201 | Role of an agent | Final IC 38 - WA_Composite - English_101 | {
"file_size": 20885,
"chunk_index": 101,
"chunk_tokens": 1006,
"has_examples": true,
"has_tables": false,
"key_concepts": [
"Answers to Test Yourself",
"Test Yourself 1",
"Chapter Introduction",
"Understanding Healthcare",
"Answer 1"
]
} |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.