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LIFE INSURANCE ( IC-33 )
INTRODUCTION TO INSURANCE
What is insurance
Purpose and need of insurance
Classification of risks
The human asset
Insurance as a social security tool
Role of Insurance in economic development
PRINCIPLES OF LIFE ASSURANCE
Life insurance contracts
Principle of utmost good faith
Insurable Interest
Principle of Indemnity
PREMIUMS AND BONUS
What is Premium
Premium calculation
Life fund
Actuarial valuation
Bonus
LIFE INSURANCE PRODUCTS
Basic Elements
Some popular plans
Variable Insurance plans
Salary Savings Schemes
Riders
Annuities
Group Insurance
UNDERWRITING
Introduction
Classification of risk
Financial underwriting
Assessing risks
Adverse selection
Non-medical underwriting
Recent Trends
INSURANCE DOCUMENTS
Proposal form and Personal statement
First / Renewal Premium Receipt
Policy Document
Endorsements
Prospectus
POLICY CONDITIONS
Age , Days of grace
Lapse and Non – forfeiture
Paid up value
Revival
Assignment , Nomination
Surrenders and loan
Foreclosure
Alterations
Married Women’s Property Act policy
CLAIMS
Maturity claims
Survival benefit payments
Death claims
Accident and disability benefits
Claims Concession
LINKED LIFE INSURANCE PRODUCTS
What is a Linked Policy
Option of Funds
Net Asset Value (NAV)
Flexibility
Lock-In
Charges
ULIP and traditional insurance
Annuities and pensions
INSURANCE AGENCY
Definition of an agent
Agents’ Regulations
Procedure for becoming an agent
Methods of remunerating agents
Functions of agents
Agency as a profession
Responsibilities of an agent
Prerequisites for success
Ethical behavior
LAW AND REGULATIONS
Insurance Act 1938
LIC Act, 1956
IRDA Act 1999
Consumer Protection Act, 1986.(COPA)
Ombudsman
Income tax Act
MWP Act
Rural and social sectors
Micro Insurance
ANNEXURES
IRDA Licensing of Insurance Agents Regulation 2000
IRDA Licensing of corporate Agents Regulation 2002
Financial Market, Capital Market, Stock Technicals etc
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