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

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  • 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.)

IC01 PRINCIPLES OF INSURANCE

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