Important Points for IC 26 - Life Insurance Finance Exam
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Death claims are payments of the insured amount of the policies in the event of the death of the policy holders together with bonus additions in the case of with-profit policies
Maturity claims are payments made to the surviving policyholders on the expiry of the terms of the policies, together with bonus in case of with profits policies.
The policyholder may terminate the policy during its currency and claim cash surrender value of the policy. These payments are known as surrenders.
Under single premium immediate annuity, the annuity payments begin immediately, whereas Under deferred plans the annuity payments are deferred to future date.
In case of death claim, as soon as insurance company receives notice of life death of life insured, it is customary to treat the policy amount as a claim an enter it in the death claims intimation register
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