Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
Page 31 Of 45
Go to:
With profit' or participating policy - bonuses are payable based on the insurer's profits.
Without profit' or non-participating policy - do not receive any bonus; and premiums for such policies are lesser than 'with profit' policies.
Terms that are specific to non-life insurance - Non life policies are for short term, They require renewal every year, With each renewal, there is a new contract.
Certificates of Insurance are issued for motor policies which provides evidence that the Motor Vehicles Act has been complied with.
If a policyholder has not made a claim and renews the policy, he may be given a NCB (No Claim Bonus.)
MODELEXAM® 
www.realsoftinfoplan.com