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including his/ her work span, projected income and expenses, as well as needs for
savings and investment, health, retirement and insurance may also be enquiredabout.The Agents recommendations including the reasons for such recommendation may
also be part of the proposal form. In compliance to the IRDAI regulations ment... | Final IC-38 - Corporate Agent _Common _ English.md | e68 | Declaration in the Proposal Form | Final IC-38 - Corporate Agent _Common _ English_035 | {
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of cases involving or suspected of involving money laundering. It is necessary to be68vigilant and ensure, right at the beginning of the contract that it is not intended to
be a tool for money laundering of any sort.The Prevention of Money Laundering Act, 2002 (PMLA) was been brought into force
by the Government of Ind... | Final IC-38 - Corporate Agent _Common _ English.md | e68 | Age Proof – for Personal Lines | Final IC-38 - Corporate Agent _Common _ English_036 | {
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**Answer 2** - The correct option is II.
**Answer 3** – The correct option is II.**Summary**Prospectus is a formal legal document used by insurance companies that
provides details about the product.The application document used for making the proposal is commonly known as
the ‘proposal form’.70Some documents considered... | Final IC-38 - Corporate Agent _Common _ English.md | d71 | Answer 2 | Final IC-38 - Corporate Agent _Common _ English_037 | {
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when contacting a service provider. First impressions last long.73**3.** **Customer service and insurance**Leading sales producers in the insurance industry state that the secret of reaching
the top and staying there is in getting the patronage and support of a large number
of existing clients with whose help the busin... | Final IC-38 - Corporate Agent _Common _ English.md | r74 | Customer service and insurance | Final IC-38 - Corporate Agent _Common _ English_038 | {
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of experience that we shall call the ‘ **Customer Journey’** . The agent needs to
partner with the customer through the entire duration of the contract, hand holding75him/ her in each step of the journey to create memorable experiences at everystep.Let us look at some milestones in the journey and the role played at ea... | Final IC-38 - Corporate Agent _Common _ English.md | g75 | Customer Journey’ | Final IC-38 - Corporate Agent _Common _ English_039 | {
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home at a place where the risk of floods is negligible it may not be necessary toobtain such cover.Many customers may not be much concerned about getting maximum insurance per
rupee spent, but would be interested in **reducing the cost of handling risk** . The
concern would be thus on identifying those risks which a cu... | Final IC-38 - Corporate Agent _Common _ English.md | null | Handling Objections and Closing the Sale: | Final IC-38 - Corporate Agent _Common _ English_040 | {
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and motor classes of business, cover note is discussed in detail under the GeneralInsurance Section.It is the agent’s responsibility to ensure that the cover note is issued by the
company, where applicable, to the insured. Promptness in this regardcommunicates to the client that his/ her interests are safe in the hands... | Final IC-38 - Corporate Agent _Common _ English.md | null | Policy Document | Final IC-38 - Corporate Agent _Common _ English_041 | {
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the premium at regular intervals based on premium payment term. This does
not apply to one-time payments.General Insurers usually send a Renewal Notice, well in advance of the date of
expiry of the premium paying period, inviting renewal of the policy.The customer’s choice to renew or continue with the policy may often... | Final IC-38 - Corporate Agent _Common _ English.md | e80 | The claim stage | Final IC-38 - Corporate Agent _Common _ English_042 | {
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The dress must be appropriate for the meeting or occasion
The look must be clean and tidy – with good haircut and shave, clean andtidy clothes, neat and tidy make up**iii.** **A warm, confident and winning smile** puts a person and his/ her audienceimmediately at ease with one another.**iv.** **Being open, confiden... | Final IC-38 - Corporate Agent _Common _ English.md | l83 | A warm, confident and winning smile | Final IC-38 - Corporate Agent _Common _ English_043 | {
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assumptions, judgments, and beliefs one carries.**Not being judgemental: If the listener is judgemental,** even if he hears what
the speaker is saying, he will understand only according to his biased
interpretation.**d)** **Empathetic listening:****Empathy implies hearing and listening patiently, and with full attentio... | Final IC-38 - Corporate Agent _Common _ English.md | y84 | Not being judgemental: If the listener is judgemental, | Final IC-38 - Corporate Agent _Common _ English_044 | {
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II. Maintaining confidentiality of client’s business and personal information
III. Placing self-interest ahead of client’s interests
IV. Placing client’s interest ahead of self interest85**Summary**a) The role of customer service and relationships is far more critical in the case ofinsurance than in other products.b) F... | Final IC-38 - Corporate Agent _Common _ English.md | t85 | Summary | Final IC-38 - Corporate Agent _Common _ English_045 | {
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Cell. If it is not satisfactorily resolved, the complainant may approach the Regulator
through the Integrated Grievance Management System.**B.** **Integrated Grievance Management System (IGMS)**Each Insurer has its own grievance redressal mechanism. All operating/ controlling/
corporate offices of Insurance companies h... | Final IC-38 - Corporate Agent _Common _ English.md | s88 | B. | Final IC-38 - Corporate Agent _Common _ English_046 | {
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price charged is in excess of that fixed by law or displayed on package
goods which will be hazardous to life and safety when used are being offeredfor sale to the public in contravention of the provisions of any law requiring
trader to display information in regard to the contents, manner and effect of
use of such... | Final IC-38 - Corporate Agent _Common _ English.md | l2 | Consumer dispute | Final IC-38 - Corporate Agent _Common _ English_047 | {
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|**Established by the**<br>**Central Government**|**Established by the**<br>**State Government**|**a)** **Procedure for filing a complaint**The procedure for filing a complaint is very simple in all the above three
agencies. There is no fee for filing a complaint or filing an appeal whether before
the State Commission ... | Final IC-38 - Corporate Agent _Common _ English.md | null | Established by the | Final IC-38 - Corporate Agent _Common _ English_048 | {
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The objective of these rules is to resolve all types of complaints mentioned above,
in a cost effective, and impartial manner.**The Ombudsman, by mutual agreement of the insured and the insurer can act as**
**a mediator and counsellor within the terms of reference.****The decision of the Ombudsman, whether to accept or... | Final IC-38 - Corporate Agent _Common _ English.md | null | The Ombudsman, by mutual agreement of the insured and the insurer can act as | Final IC-38 - Corporate Agent _Common _ English_049 | {
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goods or services and the compensation claimed is up to Rs.20 lakhs.I. District CommissionII. State CommissionIII. Zilla ParishadIV. National Commission**Summary**IRDAI has launched an Integrated Grievance Management System (IGMS) which
acts as a central repository of insurance grievance data and as a tool for
monitori... | Final IC-38 - Corporate Agent _Common _ English.md | n4 | Summary | Final IC-38 - Corporate Agent _Common _ English_050 | {
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(c) “Approved Institution" means any institution engaged in education and/ortraining particularly in the area of insurance sales, service and marketing,
approved and notified by the Authority from time to time, and includes
Insurance Institute of India, Mumbai.
(d) "Authorized Verifier" means a person employed by a Tel... | Final IC-38 - Corporate Agent _Common _ English.md | null | Scope and applicability of these Regulations: | Final IC-38 - Corporate Agent _Common _ English_051 | {
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there under shall have the meanings respectively assigned to them in those Acts
/ Regulations / Guidelines.**2.** **Scope and applicability of these Regulations:**(1) These regulations shall cover Registration of Corporate Agents for the purposeof soliciting, procuring and servicing of Insurance business of life insure... | Final IC-38 - Corporate Agent _Common _ English.md | l2 | Scope and applicability of these Regulations: | Final IC-38 - Corporate Agent _Common _ English_052 | {
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for, from an approved institution and shall have passed the examination
conducted by the examination body;
(ii) The specified person of corporate agent (composite) shall have undergone
at seventy five hours of training from an approved institute and shall have pass
the examination conducted by the examination body;c. t... | Final IC-38 - Corporate Agent _Common _ English.md | null | Renewal of registration | Final IC-38 - Corporate Agent _Common _ English_053 | {
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has been refused or rejected by the Authority, shall, on and from the date of
the receipt of the communication under regulation 12(2) cease to act as a
corporate agent.
He, however, shall continue to be liable to provide services in respect ofcontracts already entered into through him.
Such a service shall continue upt... | Final IC-38 - Corporate Agent _Common _ English.md | null | Conditions of grant of registration to Corporate Agent: | Final IC-38 - Corporate Agent _Common _ English_054 | {
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line of business, disclose to the prospective customer the list of insurers, with
whom they have arrangements to distribute the products and provide them with
the details such products. Further, disclose the scale of commission in respect
of the insurance product offered, if asked by the prospect;(ii) Where the insuran... | Final IC-38 - Corporate Agent _Common _ English.md | e102 | Servicing of policyholders- | Final IC-38 - Corporate Agent _Common _ English_055 | {
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the reasons for termination of arrangement.
In such cases, the concerned insurer shall take the responsibility of servicing
the policies Procured by the corporate agent. In all such cases, the insurer
shall inform the policyholder concerned of the changes made in servicing
arrangements;
(g) No insurer shall directly pa... | Final IC-38 - Corporate Agent _Common _ English.md | null | Servicing of policyholders- | Final IC-38 - Corporate Agent _Common _ English_056 | {
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source of the database, duties and responsibilities, payment details, period
of agreement, actions to be taken in case of violation of Act, regulations,
guidelines, circulars, directions issued by the Authority, Code of Conduct of
Authorised Verifiers. The agreements shall be made available to the
Authority or any pers... | Final IC-38 - Corporate Agent _Common _ English.md | null | Note.1 | Final IC-38 - Corporate Agent _Common _ English_057 | {
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and the accounts shall be maintained on accrual basis._Note.2: There shall be a schedule to their financial statements or providing the_
_details of all the incomes received from insurers and insurer's group companies,_
_insurer-wise, by the corporate agent, and also the details of payments received by_
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under policy;
d) ensure that no prospect is forced to buy an insurance product;
e) give adequate pre-sale and post-sale advice to the insured in respect of theinsurance product;
f) Extend all possible help and cooperation to an insured in completion of allformalities and documentation in the event of a claim;
g) give d... | Final IC-38 - Corporate Agent _Common _ English.md | e108 | II. | Final IC-38 - Corporate Agent _Common _ English_059 | {
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a specified person, to refer, solicit, generate lead, advise, introduce, find
or provide contact details of prospective policyholders in furtherance of the
distribution of the insurance product;
p) Pay or allow the payment of any fee, commission, incentive by any othername whatsoever for the purpose of sale, introducti... | Final IC-38 - Corporate Agent _Common _ English.md | null | III. Post-Sale Code of Conduct | Final IC-38 - Corporate Agent _Common _ English_060 | {
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## IC - 38 **CORPORATE AGENTS** **COMPOSITE****ACKNOWLEDGEMENT****This course is based on revised syllabus prescribed by Insurance Regulatory and**
**Development Authority of India (IRDAI) and prepared by Insurance Institute of**
**India, Mumbai.****AUTHORS/ REVIEWERS (in Alphabetical order)**Dr. R. K. Duggal
Dr. Shash... | Final IC-38 - Corporate Agent _Composite _ English.md | C-46 | CORPORATE AGENTS | Final IC-38 - Corporate Agent _Composite _ English_000 | {
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|C-07|Documentation|63|
|C-08|Customer Service|72|
|C-09|Grievance Redressal Mechanism|87|
|C-10|Regulatory Aspects for Corporate Agents|95|
|**SECTION **|**LIFE INSURANCE **|**LIFE INSURANCE **|
|L-01|What Life Insurance Involves|113|
|L-02|Financial Planning|119|
|L-03|Life Insurance Products: Traditional|132|
|L-04|... | Final IC-38 - Corporate Agent _Composite _ English.md | C-07 | SECTION | Final IC-38 - Corporate Agent _Composite _ English_001 | {
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|---|---|
|**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 - Corporate Agent _Composite _ English.md | n1 | Benevolent | Final IC-38 - Corporate Agent _Composite _ English_002 | {
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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 - Corporate Agent _Composite _ English.md | null | Insurance industry today (As on 30 | Final IC-38 - Corporate Agent _Composite _ English_003 | {
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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 - Corporate Agent _Composite _ English.md | t8 | Insurance reduces Risk Burden | Final IC-38 - Corporate Agent _Composite _ English_004 | {
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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 mutuality or the
pooling principle.**Mutuality** and Diversification are two important w... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Mutuality | Final IC-38 - Corporate Agent _Composite _ English_005 | {
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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 - Corporate Agent _Composite _ English.md | null | Changes made in dangerous or hazardous operations, | Final IC-38 - Corporate Agent _Composite _ English_006 | {
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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 of loss is
small, if the probability of its occurrence is very high, the c... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Diagram 6: | Final IC-38 - Corporate Agent _Composite _ English_007 | {
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to the prospect to enable the prospect to decide on the best cover that would be inhis 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 - Corporate Agent _Composite _ English.md | s1 | G. | Final IC-38 - Corporate Agent _Composite _ English_008 | {
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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’s CoffeeHouse in London.An insurance arrangement involves the follow... | Final IC-38 - Corporate Agent _Composite _ English.md | k2 | Summary | Final IC-38 - Corporate Agent _Composite _ English_009 | {
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scarcity and its ownership or possession by someone.19 **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 over time.We must note that **insurance cannot protect an asset from loss or damage** . An
earth... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Insurance of assets | Final IC-38 - Corporate Agent _Composite _ English_010 | {
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fire than tanker carrying water.**3.** **Risk Management** **Extent of damage likely to be suffered**This is given by the degree of loss and its impact on an individual or business.
On this basis one may identify three types of risk events or situations: **Critical**Where losses are of such a magnitude; that may resu... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Risk Management | Final IC-38 - Corporate Agent _Composite _ English_011 | {
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attempt to commit fraud and make money by misusing the facility of insurance.**Example**If one deliberately sets a fire to one’s property and collects claims against losses
under the policy, such claims are clearly fraudulent and could be justifiably rejectedA classic instance of moral hazard is purchasing insurance fo... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Example | Final IC-38 - Corporate Agent _Composite _ English_012 | {
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insurer would however face a risk if the actual experience was more adverse
than expected and the premiums collected were not sufficient to pay the claims.How can the insurer be sure about its predictions? This becomes possible because
of a principle known as the “Law of large numbers”. It states that the larger the
si... | Final IC-38 - Corporate Agent _Composite _ English.md | C-03 | Insurance Companies to remain Solvent: | Final IC-38 - Corporate Agent _Composite _ English_013 | {
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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.26## 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 - Corporate Agent _Composite _ English.md | C-03 | Answers to Test Yourself | Final IC-38 - Corporate Agent _Composite _ English_014 | {
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of premium and the terms and conditions. The insured has an obligation to fully
and accurately disclose all facts that are material to an insurance contract.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. Th... | Final IC-38 - Corporate Agent _Composite _ English.md | l28 | Example | Final IC-38 - Corporate Agent _Composite _ English_015 | {
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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 - Corporate Agent _Composite _ English.md | null | Duty to Disclose: | Final IC-38 - Corporate Agent _Composite _ English_016 | {
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of revival of the policy or (d) the date of the rider to the policy, whichever islater.The 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 insured, with the... | Final IC-38 - Corporate Agent _Composite _ English.md | null | B. | Final IC-38 - Corporate Agent _Composite _ English_017 | {
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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 in which case itmust exist at the time of claim.In case of fire and accident insurance, insurable interest should be present both
at the time of taking the policy and at the time... | Final IC-38 - Corporate Agent _Composite _ English.md | e34 | C. | Final IC-38 - Corporate Agent _Composite _ English_018 | {
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was due to the ‘normal wear and tear’ of the car and the air-conditioning 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/ repaired duri... | Final IC-38 - Corporate Agent _Composite _ English.md | e34 | Scenario 2: | Final IC-38 - Corporate Agent _Composite _ English_019 | {
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insurer and insured agree on the value of the property to be insured, at the
beginning 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 whe... | Final IC-38 - Corporate Agent _Composite _ English.md | e37 | Agreed | Final IC-38 - Corporate Agent _Composite _ English_020 | {
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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 met when
the insured has taken insurance from more than one insurer. Contribution implies
that if the same property is insured with more than one insurance ... | Final IC-38 - Corporate Agent _Composite _ English.md | e37 | Test Yourself 2 | Final IC-38 - Corporate Agent _Composite _ English_021 | {
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the Indian Contract Act, 1872 govern all contracts in India, including insurancecontracts.An insurance policy is a contract entered into between two parties, viz., the
company, called the **insurer**, and the policy holder, called the **insured** and fulfils
the requirements enshrined in the Indian Contract Act, 1872.*... | Final IC-38 - Corporate Agent _Composite _ English.md | d43 | Diagram 1: | Final IC-38 - Corporate Agent _Composite _ English_022 | {
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in advance in the prescribed manner. This is an important feature of the insurance
industry in India.The Insurance Rules, 1939, provide certain exceptions to this condition of advance
payment of premium, in respect of particular categories of insurances. Section 59
of the Insurance Rules allows accepting premiums in in... | Final IC-38 - Corporate Agent _Composite _ English.md | d43 | Solicitation | Final IC-38 - Corporate Agent _Composite _ English_023 | {
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before the due date. Grace period for paying the premium do not apply. In case
a comprehensive policy lapses for more than 90 days, the accrued No Claim
Bonus (NCB) benefit would also be lost.In the interest of smooth operation of affairs during the Covid-19 pandemic,
IRDAI permitted the following relaxations:i. In cas... | Final IC-38 - Corporate Agent _Composite _ English.md | d-19 | Free-Look Period introduced by “IRDAI” | Final IC-38 - Corporate Agent _Composite _ English_024 | {
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known as the premium.
ii. A contract is an agreement between parties, enforceable at law.iii. The elements of a valid contract include:Offer and acceptanceConsideration,Consensus ad-idem,- Free consentCapacity of the parties and46Legality of the object**Key Terms**1. Offer and Acceptance2. Lawful consideration3. Consen... | Final IC-38 - Corporate Agent _Composite _ English.md | d46 | Key Terms | Final IC-38 - Corporate Agent _Composite _ English_025 | {
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medical aspects, fitness levels and family history and measure the effect of each
factor affecting the risk.**Sources of information for underwriting**The first stage in any numerical (or statistical) analysis is the collection of data.
When pricing a risk, an underwriter should gather as much information as possibleto... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Sources of information for underwriting | Final IC-38 - Corporate Agent _Composite _ English_026 | {
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made on each component of the risk. Factors like age, race, occupation, habits etc.
are examined and scored numerically based on predetermined criteria.The amount of premium to be paid by each depends on a rate, which is determined
by two factors; The probability of loss due to a loss event (caused by an insured peril... | Final IC-38 - Corporate Agent _Composite _ English.md | r10 | Example | Final IC-38 - Corporate Agent _Composite _ English_027 | {
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5,00,00,000] x 100 = 0.5%Therefore the rate of premium that a motor cycle owner pays is half a percent of
Rs. 50,000/ - i.e. Rs. 250/ - per year. This is called the **‘Pure’ premium,** also known
as ‘Burning Cost’.At the rate of Rs. 250 per motor cycle, Rs. 2.5 lakhs is collected which is paid outin claims on total los... | Final IC-38 - Corporate Agent _Composite _ English.md | d53 | Therefore, the ‘pure premium’ is suitably loaded or increased by adding | Final IC-38 - Corporate Agent _Composite _ English_028 | {
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ensure that he/ she takes due care. For instance, health insurers may insist on a
deductible so that insured would not overspend on costly hospital rooms just
because insurance is there. Some Insurers also may not prefer spending time on
processing small claims. Also, in certain situations, insurers may not want to get... | Final IC-38 - Corporate Agent _Composite _ English.md | C-06 | Franchise: | Final IC-38 - Corporate Agent _Composite _ English_029 | {
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following: The extent of the insured’s insurable interest in the property affected
The value of salvage
Application of underinsurance
Application of contribution and subrogation conditionsIn the matter of claims relating to life insurance, the insurer checks whether1) Conditions of policy have not been breached
... | Final IC-38 - Corporate Agent _Composite _ English.md | r1 | B. | Final IC-38 - Corporate Agent _Composite _ English_030 | {
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arising directly or indirectly in respect of the said claim.Date (Signature)vi. **Post settlement action**The action taken after settlement of the non-life claim in relation to underwritingvaries from one class of business to another.**Example**Sum insured under a fire policy stands reduced to the extent of the amount ... | Final IC-38 - Corporate Agent _Composite _ English.md | o59 | Post settlement action | Final IC-38 - Corporate Agent _Composite _ English_031 | {
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parties to the dispute themselves. In the event of a single arbitrator, the parties
have to agree about that person. Many commercial insurance policies contain an
**arbitration clause** stating that disputes will be subject to arbitration. Fire and most
miscellaneous policies also contain an arbitration clause which pr... | Final IC-38 - Corporate Agent _Composite _ English.md | o60 | Example | Final IC-38 - Corporate Agent _Composite _ English_032 | {
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and the important documents, commonly applicable for practically all
policiesImportance of Age Proof and acceptable documents.63**A.** **Prospectus**Prospectus is a proposal stage document. The prospectus is a formal legal document
used by insurance companies that provides details about the product. It can mean
a docum... | Final IC-38 - Corporate Agent _Composite _ English.md | s5 | A. | Final IC-38 - Corporate Agent _Composite _ English_033 | {
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conditions of the cover to be granted.The Principle of Utmost Good Faith and the Duty of Disclosure of material
information begin with the Proposal Form for insurance. The proposer must provide
all information correctly and completely as this document becomes the basis of
granting insurance and any wrong or concealed i... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Proposal Form - Details | Final IC-38 - Corporate Agent _Composite _ English_034 | {
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including his/ her work span, projected income and expenses, as well as needs for
savings and investment, health, retirement and insurance may also be enquiredabout.The Agents recommendations including the reasons for such recommendation may
also be part of the proposal form. In compliance to the IRDAI regulations ment... | Final IC-38 - Corporate Agent _Composite _ English.md | e68 | Declaration in the Proposal Form | Final IC-38 - Corporate Agent _Composite _ English_035 | {
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of cases involving or suspected of involving money laundering. It is necessary to be68vigilant and ensure, right at the beginning of the contract that it is not intended to
be a tool for money laundering of any sort.The Prevention of Money Laundering Act, 2002 (PMLA) was been brought into force
by the Government of Ind... | Final IC-38 - Corporate Agent _Composite _ English.md | e68 | Age Proof – for Personal Lines | Final IC-38 - Corporate Agent _Composite _ English_036 | {
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**Answer 2** - The correct option is II.
**Answer 3** – The correct option is II.**Summary**Prospectus is a formal legal document used by insurance companies that
provides details about the product.The application document used for making the proposal is commonly known as
the ‘proposal form’.70Some documents considered... | Final IC-38 - Corporate Agent _Composite _ English.md | d71 | Answer 2 | Final IC-38 - Corporate Agent _Composite _ English_037 | {
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when contacting a service provider. First impressions last long.73**3.** **Customer service and insurance**Leading sales producers in the insurance industry state that the secret of reaching
the top and staying there is in getting the patronage and support of a large number
of existing clients with whose help the busin... | Final IC-38 - Corporate Agent _Composite _ English.md | r74 | Customer service and insurance | Final IC-38 - Corporate Agent _Composite _ English_038 | {
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of experience that we shall call the ‘ **Customer Journey’** . The agent needs to
partner with the customer through the entire duration of the contract, hand holding75him/ her in each step of the journey to create memorable experiences at everystep.Let us look at some milestones in the journey and the role played at ea... | Final IC-38 - Corporate Agent _Composite _ English.md | g75 | Customer Journey’ | Final IC-38 - Corporate Agent _Composite _ English_039 | {
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home at a place where the risk of floods is negligible it may not be necessary toobtain such cover.Many customers may not be much concerned about getting maximum insurance per
rupee spent, but would be interested in **reducing the cost of handling risk** . The
concern would be thus on identifying those risks which a cu... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Handling Objections and Closing the Sale: | Final IC-38 - Corporate Agent _Composite _ English_040 | {
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and motor classes of business, cover note is discussed in detail under the GeneralInsurance Section.It is the agent’s responsibility to ensure that the cover note is issued by the
company, where applicable, to the insured. Promptness in this regardcommunicates to the client that his/ her interests are safe in the hands... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Policy Document | Final IC-38 - Corporate Agent _Composite _ English_041 | {
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the premium at regular intervals based on premium payment term. This does
not apply to one-time payments.General Insurers usually send a Renewal Notice, well in advance of the date of
expiry of the premium paying period, inviting renewal of the policy.The customer’s choice to renew or continue with the policy may often... | Final IC-38 - Corporate Agent _Composite _ English.md | e80 | The claim stage | Final IC-38 - Corporate Agent _Composite _ English_042 | {
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The dress must be appropriate for the meeting or occasion
The look must be clean and tidy – with good haircut and shave, clean andtidy clothes, neat and tidy make up**iii.** **A warm, confident and winning smile** puts a person and his/ her audienceimmediately at ease with one another.**iv.** **Being open, confiden... | Final IC-38 - Corporate Agent _Composite _ English.md | l83 | A warm, confident and winning smile | Final IC-38 - Corporate Agent _Composite _ English_043 | {
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assumptions, judgments, and beliefs one carries.**Not being judgemental: If the listener is judgemental,** even if he hears what
the speaker is saying, he will understand only according to his biased
interpretation.**d)** **Empathetic listening:****Empathy implies hearing and listening patiently, and with full attentio... | Final IC-38 - Corporate Agent _Composite _ English.md | y84 | Not being judgemental: If the listener is judgemental, | Final IC-38 - Corporate Agent _Composite _ English_044 | {
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II. Maintaining confidentiality of client’s business and personal information
III. Placing self-interest ahead of client’s interests
IV. Placing client’s interest ahead of self interest85**Summary**a) The role of customer service and relationships is far more critical in the case ofinsurance than in other products.b) F... | Final IC-38 - Corporate Agent _Composite _ English.md | t85 | Summary | Final IC-38 - Corporate Agent _Composite _ English_045 | {
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Cell. If it is not satisfactorily resolved, the complainant may approach the Regulator
through the Integrated Grievance Management System.**B.** **Integrated Grievance Management System (IGMS)**Each Insurer has its own grievance redressal mechanism. All operating/ controlling/
corporate offices of Insurance companies h... | Final IC-38 - Corporate Agent _Composite _ English.md | s88 | B. | Final IC-38 - Corporate Agent _Composite _ English_046 | {
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price charged is in excess of that fixed by law or displayed on package
goods which will be hazardous to life and safety when used are being offeredfor sale to the public in contravention of the provisions of any law requiring
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|**Established by the**<br>**Central Government**|**Established by the**<br>**State Government**|**a)** **Procedure for filing a complaint**The procedure for filing a complaint is very simple in all the above three
agencies. There is no fee for filing a complaint or filing an appeal whether before
the State Commission ... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Established by the | Final IC-38 - Corporate Agent _Composite _ English_048 | {
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The objective of these rules is to resolve all types of complaints mentioned above,
in a cost effective, and impartial manner.**The Ombudsman, by mutual agreement of the insured and the insurer can act as**
**a mediator and counsellor within the terms of reference.****The decision of the Ombudsman, whether to accept or... | Final IC-38 - Corporate Agent _Composite _ English.md | null | The Ombudsman, by mutual agreement of the insured and the insurer can act as | Final IC-38 - Corporate Agent _Composite _ English_049 | {
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goods or services and the compensation claimed is up to Rs.20 lakhs.I. District CommissionII. State CommissionIII. Zilla ParishadIV. National Commission**Summary**IRDAI has launched an Integrated Grievance Management System (IGMS) which
acts as a central repository of insurance grievance data and as a tool for
monitori... | Final IC-38 - Corporate Agent _Composite _ English.md | n4 | Summary | Final IC-38 - Corporate Agent _Composite _ English_050 | {
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(c) “Approved Institution" means any institution engaged in education and/ortraining particularly in the area of insurance sales, service and marketing,
approved and notified by the Authority from time to time, and includes
Insurance Institute of India, Mumbai.
(d) "Authorized Verifier" means a person employed by a Tel... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Scope and applicability of these Regulations: | Final IC-38 - Corporate Agent _Composite _ English_051 | {
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there under shall have the meanings respectively assigned to them in those Acts
/ Regulations / Guidelines.**2.** **Scope and applicability of these Regulations:**(1) These regulations shall cover Registration of Corporate Agents for the purposeof soliciting, procuring and servicing of Insurance business of life insure... | Final IC-38 - Corporate Agent _Composite _ English.md | l2 | Scope and applicability of these Regulations: | Final IC-38 - Corporate Agent _Composite _ English_052 | {
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for, from an approved institution and shall have passed the examination
conducted by the examination body;
(ii) The specified person of corporate agent (composite) shall have undergone
at seventy five hours of training from an approved institute and shall have pass
the examination conducted by the examination body;c. t... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Renewal of registration | Final IC-38 - Corporate Agent _Composite _ English_053 | {
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has been refused or rejected by the Authority, shall, on and from the date of
the receipt of the communication under regulation 12(2) cease to act as a
corporate agent.
He, however, shall continue to be liable to provide services in respect ofcontracts already entered into through him.
Such a service shall continue upt... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Conditions of grant of registration to Corporate Agent: | Final IC-38 - Corporate Agent _Composite _ English_054 | {
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line of business, disclose to the prospective customer the list of insurers, with
whom they have arrangements to distribute the products and provide them with
the details such products. Further, disclose the scale of commission in respect
of the insurance product offered, if asked by the prospect;(ii) Where the insuran... | Final IC-38 - Corporate Agent _Composite _ English.md | e102 | Servicing of policyholders- | Final IC-38 - Corporate Agent _Composite _ English_055 | {
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the reasons for termination of arrangement.
In such cases, the concerned insurer shall take the responsibility of servicing
the policies Procured by the corporate agent. In all such cases, the insurer
shall inform the policyholder concerned of the changes made in servicing
arrangements;
(g) No insurer shall directly pa... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Servicing of policyholders- | Final IC-38 - Corporate Agent _Composite _ English_056 | {
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source of the database, duties and responsibilities, payment details, period
of agreement, actions to be taken in case of violation of Act, regulations,
guidelines, circulars, directions issued by the Authority, Code of Conduct of
Authorised Verifiers. The agreements shall be made available to the
Authority or any pers... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Note.1 | Final IC-38 - Corporate Agent _Composite _ English_057 | {
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and the accounts shall be maintained on accrual basis._Note.2: There shall be a schedule to their financial statements or providing the_
_details of all the incomes received from insurers and insurer's group companies,_
_insurer-wise, by the corporate agent, and also the details of payments received by_
_the group comp... | Final IC-38 - Corporate Agent _Composite _ English.md | e108 | Code of Conduct | Final IC-38 - Corporate Agent _Composite _ English_058 | {
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under policy;
d) ensure that no prospect is forced to buy an insurance product;
e) give adequate pre-sale and post-sale advice to the insured in respect of theinsurance product;
f) Extend all possible help and cooperation to an insured in completion of allformalities and documentation in the event of a claim;
g) give d... | Final IC-38 - Corporate Agent _Composite _ English.md | e108 | II. | Final IC-38 - Corporate Agent _Composite _ English_059 | {
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a specified person, to refer, solicit, generate lead, advise, introduce, find
or provide contact details of prospective policyholders in furtherance of the
distribution of the insurance product;
p) Pay or allow the payment of any fee, commission, incentive by any othername whatsoever for the purpose of sale, introducti... | Final IC-38 - Corporate Agent _Composite _ English.md | E112 | III. Post-Sale Code of Conduct | Final IC-38 - Corporate Agent _Composite _ English_060 | {
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For most kinds of property both the value and loss of value amounts can be measured
in precise monetary terms.**Example**If the estimated damage of a car meeting an accident is Rs 50000, the insurer will
compensate the owner for this loss.How do we estimate the amount of loss when a person dies?Is he worth Rs. 50,000 o... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Example | Final IC-38 - Corporate Agent _Composite _ English_061 | {
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may also be covered by general insurance.**Example**Accident insurance which protects against losses suffered due to an accident.**a)** **How exactly does life insurance differ from general insurance?**|General Insurance|Life Insurance|
|---|---|
| Indemnity: General insurance policies,<br>with the exception of Person... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Example | Final IC-38 - Corporate Agent _Composite _ English_062 | {
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many who have purchased a life insurance contract.**e)** **The Life Insurance Contract**The Policy document is the **evidence of the insurance contract** which a details all
the terms and conditions of the **insurance** .The contract states the sum assured of the life insurance policy. Life insurance is
regarded a **fi... | Final IC-38 - Corporate Agent _Composite _ English.md | t2 | The Life Insurance Contract | Final IC-38 - Corporate Agent _Composite _ English_063 | {
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is a smart way to make money work for us.**Definition**Financial planning is a process of identifying one’s life’s goals, translating these
goals into financial goals and managing one’s finances to achieve those goals.Financial planning involves preparing a roadmap to meet both current and future
needs, which may be un... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Definition | Final IC-38 - Corporate Agent _Composite _ English_064 | {
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life.Health care,financial independence and security of income become
very important at this stage.**g)** **Retirement – the twilight years (age 60 and beyond):** The age whenone has retired from active work and spends one’s savings to meet the
needs of life.The living needs of the husband and wife as long as both
are ... | Final IC-38 - Corporate Agent _Composite _ English.md | e122 | Retirement – the twilight years (age 60 and beyond): | Final IC-38 - Corporate Agent _Composite _ English_065 | {
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occurrence is low but cost impact is high. One may alternatively meet them by
setting aside a large amount of liquid assets as a reserve.**c)** **Wealth accumulation**The accumulation motive refers to an individual’s desire to invest for
accumulating wealth, taking advantage of favourable market opportunities.
Some ind... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Wealth accumulation | Final IC-38 - Corporate Agent _Composite _ English_066 | {
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fore fathers. There were limited investment options then. A few decades ago many
considered equity investment as akin to gambling. Savings were largely channelled
in bank deposits, postal savings schemes and other fixed income instruments. The
challenges facing our society and our customers are far different today. Som... | Final IC-38 - Corporate Agent _Composite _ English.md | c125 | Disintegration of the joint family | Final IC-38 - Corporate Agent _Composite _ English_067 | {
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may need to do.**Diagram 5:** **Financial Planning Advisory Services**126Consider the various advisory services that may be provided. There are six such
areas that are taken up Cash planning Investment planning Insurance planning Retirement planning Estate planning Tax planning**1.** **Cash planning**Managing cas... | Final IC-38 - Corporate Agent _Composite _ English.md | t128 | Diagram 5: | Final IC-38 - Corporate Agent _Composite _ English_068 | {
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a higher return.**iv.** **Liquidity** : Individuals with limited investment capacity, or uncertain incomeand expenditure flows, or who are investing for meeting a particular
personal or business expenditure, would be concerned with liquidity [This
refers to the ability to convert investment into cash without loss of va... | Final IC-38 - Corporate Agent _Composite _ English.md | null | Liquidity | Final IC-38 - Corporate Agent _Composite _ English_069 | {
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These help in: Enabling future transactions, Meeting contingencies and Wealth accumulationThe need for financial planning is further increased by the changing societal
dynamics like disintegration of the joint family, multiple investment choices
that are available today and changing lifestyles etc.The best time to s... | Final IC-38 - Corporate Agent _Composite _ English.md | L-03 | Key Terms | Final IC-38 - Corporate Agent _Composite _ English_070 | {
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are not discussed in this course.Life insurance industry has seen enormous innovations in product offerings over the
last two centuries. The journey began with death benefit products but over the
period, multiple living benefits like endowment, disability benefits, dreaded disease
covers and so on were added.133One of ... | Final IC-38 - Corporate Agent _Composite _ English.md | p134 | Suitability Information | Final IC-38 - Corporate Agent _Composite _ English_071 | {
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benefits/ options/ variants are allowed to be offered. Also, there shall be no
exclusions under the product other than the suicide exclusion. Saral Jeevan Bima is
to be offered to individuals without restrictions on gender, place of residence,
travel, occupation or educational qualifications.**a)** **Purpose**A Term Li... | Final IC-38 - Corporate Agent _Composite _ English.md | y135 | Purpose | Final IC-38 - Corporate Agent _Composite _ English_072 | {
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iii. As part of a “buy term and invest the rest” philosophy, where one seeks onlycheap term insurance protection from the insurance company and wants to
invest the difference of premiums in other attractive investments.**Important****Limitations of term plans:** Term Insurance plans are available only for specific
peri... | Final IC-38 - Corporate Agent _Composite _ English.md | f137 | Important | Final IC-38 - Corporate Agent _Composite _ English_073 | {
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