Important Points for IC 26 - Life Insurance Finance Exam
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Claim payment that remain outstanding for more 5 years, are written back to revenue accounts.
In case of death claim payment, if sum assured value is higher than fund value of units, then claim payment will be made from both unit and non-unit funds.
For unit linked health policies, In case of death of life assured before maturity, no sum assured is payable to the nominee or legal heir by insurance company.
In unit linked pension plans 1/3 rd amount of fund value can be commuted by policyholder at maturity.
Expenses of management include commission payments of all kinds and other expenses of management.
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