Important Points for IC 22 - Life Insurance Underwriting Exam
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HUF : It is defined under the Hindu Law as a family that consists of all persons lineally descended from a common ancestor, including wives and unmarried daughters.
Financial underwriting is the process of determining the amount of insurance cover that is justified for a person with regards to his/her income and needs.
Policy beneficiary should have an insurable interest in the life of the insured.
According to common law, a person has insurable interest in his own life, spouse?s life, children?s life, parent?s life and his assets.
An employer has insurable interest in the life of the employees; the company has insurable interest in the life of the keyman, and partners have insurable interest in each other?s lives.
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