Main types of alterations - Reduction in the sum assured, mode of payment of premium, without profits to with profits plan, Correction in name, Splitting up of the policy into two or more policies, change in term, Removal of an extra premium or restrictive clause, Settlement option for payment of claim and grant of double accident benefit
Non medical Underwriting - A large number of life insurance proposals may typically get selected for insurance without conducting a medical examination to check the insurability of a life to be insured. Such cases are termed as non-medical proposals
Factors like income, occupation, lifestyle and habits, which contribute to moral hazard, are assessed as part of financial underwriting, while medical aspects of health are appraised as part of medical underwriting
Underwriting purpose - To prevent anti-selection or selection against the insurer, To classify risks and ensure equity among risks
A claim is a demand that the insurer should make good the promise specified in the contract
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