Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
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- Each Renewal of a General Insurance Policy is a New Contract, and the Terms and Conditions may be changed at that Time.
- Premium, set aside to cover the Cost of Claims, is called PremiumReserve.
- Life insurance plans have either or both of the two basic elements: - Death benefit, Survival benefit
- Death benefits - It is payable on the death of the insured during the tenure of the policy. It is also known as death cover.
- Survival benefit - It is payable on the maturity of the policy if the insured person survives the entire tenure of the policy. It is also known as maturity benefit.
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