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.

IC01 PRINCIPLES OF INSURANCE

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