Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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Permanent partial disability (PPD): means becoming partially disabled for lifetime viz. loss of fingers, toes, phalanges etc
Temporary total disability (TTD): means becoming totally disabled for a temporary period of time.
Health Insurance is a contract between the insurer and the insured wherein the insurer agrees to pay hospitalisation expenses to the extent of an agreed sum insured in the event of any medical treatment arising out of an illness or an injury
Critical illness policy is a benefit policy with a provision to pay a lump sum amount on diagnosis of certain named critical illness. As a standalone policy or As an add-on cover to a few health policies or As an add-on cover in some life insurance policies
Variable Charges: These are expenses incurred in producing the goods (e.g. purchase of raw materials, wages, etc.)
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