Applications of Life Insurance IC-23 Exam Study Notes

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  • 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.

Applications of Life Insurance