Important Points for IC 26 - Life Insurance Finance Exam
Page 10 Of 82
Go to:
Net premium is also known as
Gross premiums are also known as office premiums. This is the premium which is communicated to the policyholder. This is calculated by loading expenses in the net premium.
In level premium, the amount of premium remains the same over the entire policy term.
The Government of India constituted an Authority called the Insurance Regulatory & Development Authority (IRDA) under the Insurance Regulatory and Development Authority Act, 1999 (IRDA Act) to regulate insurance business of the life insurers, non-life insurers and reinsurers. IRDA regulates both government as well as private insurers.
As per section 12 of the Insurance Act 1938, all insurance companies must be audited annually by the auditors. There are three types of audits: Statutory Audit, Internal Audit and Concurrent Audit.
MODELEXAM® 
www.realsoftinfoplan.com