Important Points for IC 22 - Life Insurance Underwriting Exam
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Proof of identity : Documents like driving license, PAN card, Voter Id card, or passport can be submitted as valid proof of identity.
Proof of address : Documents like Passport, electricity and other utility bills, letter from the employer or housing society etc. can be submitted as valid proof of address.
Financial documents : these need to be submitted to justify the amount of insurance applied for.
Certain rules have also been recommended for high risk profile persons such as politically exposed persons, non-residents, high net worth individuals (HNI) ect. Insurance companies need to implement KYC and underwriting procedures with higher levels of verification and counter checks for such clients.
KYC norms serve as a part of due diligence process and greatly assist in the risk assessment process. They also stipulate that large single premiums should be backed by supporting documents to establish the source of funds.
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