Important Points for IC 22 - Life Insurance Underwriting Exam
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In the standard extra premium method, a flat or standard rate is applied for the expected extra mortality rate.
The privacy of the personal information is maintained according to the 'privacy policy' of the insurance company when the applies online.
KYC norms - KYC is an acronym used for 'know your customer' norms, which have been prescribed for insurance companies by the Insurance Regulatory and Development Authority (IRDA). These norms are used for client identification process.
The main purpose of the KYC norms is identification and risk assessment of the customer at the time of initial issuance of the policy contract. According to the guidelines on KYC norms issued by the IRDA.
Life insurance companies are required to carry out KYC norms by determining and documenting the true identity of all its customers. For this, they need to collect a recent colour photograph and mandatory documents such as:
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