Important Points for IC 22 - Life Insurance Underwriting Exam
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The extent of risk appetite and the thresholds which are pre-decided by the actuaries and the senior management team determines the "underwriting philosophy" of an insurance company.
The underwriting philosophy looks at all the risks involved, right from the point of sale till the policy-issuance and beyond, as each of these have an impact on the risk assessment process.
In centralized processing of underwriting, most of the processing with regard to policy issuance is done at the head office of an insurance company.
In decentralized processing of underwriting, most of the processing with regard to policy issuance is done at the either the regional office or at a branch office and not at the head office of the insurance company.
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). KYC norms are used for the client identification process.
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