Principles of Insurance Exam Study Notes

Importance of ethical behaviour - The Right to Information Act, 2005 and the development of Public Interest Litigation (PIL) have assumed considerable importance as ways of achieving better accountability and governance.
Possibility for ethics to be compromised in the following situations - Choosing between two plans, one of which has considerably less premium or commission than the other, Selling two plans, one of which has considerably less commission than the other.
Possibility for ethics to be compromised in the following situations - Temptation to recommend discontinuing an existing policy and taking a new one, Becoming aware of circumstances that, if known to the insurer, could adversely affect the interests of the customer or the beneficiaries of a claim.
Happy customers - They are recognised and respected, Their feelings and views are not ignored, They are not taken advantage of, They feel cared for and helped
How insurance customers are different? - While making purchases of tangible goods there is sense of gratification or satisfaction from that purchase. When making purchases of services there is sense of pleasure from the purchase, Purchase of insurance does not give any immediate sense of pleasure, nor does it give anything tangible from the purchase.

Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points