Grace period - clause grants the policyholder an additional period of time to pay the premium after it has become due. Grace period is ONE Month
Factors like income, occupation, lifestyle and habits, which contribute to moral hazard, are assessed as part of financial underwriting, while medical aspects of health are appraised as part of medical underwriting
Underwriting purpose - To prevent anti-selection or selection against the insurer, To classify risks and ensure equity among risks
A claim is a demand that the insurer should make good the promise specified in the contract
Customer lifetime value may be defined as the sum of economic benefits that can be derived from building a sound relationship with a customer over a long period of time.
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