Important Points for IC 26 - Life Insurance Finance Exam
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Accounts of every insurance company shall be audited by auditors who are duly qualified to act as auditors of companies.
Reserve is the amount the insurer must have in hand to meet the liability under the policy that future premiums will not cover.
Scale of premium that is adopted by an insurance company is dependent on assumptions made by the actuary w.r.t. the future course of mortality, interest and expenses.
Level premium is being charged by the insurance company.
As per the Insurance Act, 1938, one audit firm would not be permitted to carry out more than two statutory audits of insurance companies.
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