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Chapter 1

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