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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