Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
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How insurance customers are different? - The purchase of insurance is based on the likelihood of tragedy, and not on expectation of immediate pleasure, The customer has to visualise the possibility of a tragedy before they seek insurance, The benefits of insurance often come in a period of distress for a customer.
In respect of life insurance, customers will be having 3 different mindsets at different stages of the contractual relationship - Person who buys the policy, Person who collects maturity proceeds, Person who receives the claim
In general insurance, the customer will have two different mindsets at different stages of the contractual relationship - At the time of buying insurance, At the time of claim
The insurance policy would specify the following: - The risk which is the subject matter of the contract, The event upon which the liability of the insurer would arise, The nature of liability of the insurer, the amount and the manner of payment
The insurance policy would specify the following: - The amount and manner of payment of premium by the policyholder, Other obligations, if any, of the policyholder, Consequences of any default in obligations by the policyholder
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