Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
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Immediate annutiy - The annuitant makes a lump sum payment to the insurance company and the insurance company starts paying annuities (periodic payments) soon after the policy commences.
Deferred annuity - The annuity payments start after a specified period known as the deferment period.
Frequency - Annuitant can receive annuity payments monthly, quarterly, half-yearly or annually.
Tenure - The annuity payments may continue till - the annuitant lives or, for a minimum specified period and thereafter till the annuitant live or, till the last person among the joint annuitant dies
Group policies - Master policy is issued covering multiple lives, Policy is issued in favour of the person representing the group of beneficiaries, Can be issued to a group of people brought together for a common objective.
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