Important Points for IC 22 - Life Insurance Underwriting Exam
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- If an insurance company selects more of sub-standard risks as compared to standard risks, then this will result in adverse selection.
- In the case of decreasing extra risk, extra premium will be charged by an insurance company on a temporary basis.
- Standard risks can be insured at standard premium rates.
- Morbidity risk arises when the probability that an individual becomes ill or faces adverse medical condition is high.
- Riders are optional additional coverage and benefits that are offered along with basic life insurance policies to enhance the benefits that will be payable to the policyholders.
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