Applications of Life Insurance IC-23 Exam Study Notes

Financial planning is essential at each stage of life.
Financial planning is a six step process involving gathering information, identification of financial goals, analyzing preferences, developing and monitoring and implementing a financial plan.
A financial planner can guide one through the various components of financial planning such as tax planning, retirement planning etc.
Risk management is critical in order to guard against financial losses arising out of uncertainties and risks.
Risks can be classified into different types such as pure risk, speculative risk, static risk and dynamic risk etc.