Important Points for IC 27 - Health Insurance Exam
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Numerical rating method is a process adopted in underwriting, wherein numerical or percentage assessments are made on each component of the risk.
The underwriting process is completed when the received information is carefully assessed and classified into appropriate risk categories.
Group insurance is mainly underwritten based on the law of averages, implying that when all members of a homogenous group are covered under a group health insurance policy, the individuals constituting the group cannot anti-select the insurer.
Proposal form: This document is the base of the contract where all the critical information pertaining to the health and personal details of the proposer occupation, built, habits, health status, income, premium payment details are collected.
Age proof: Premiums are determined on the basis of the age of the insured. Hence it is imperative that the age disclosed at the time of enrollment is verified through submission of an age proof.
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