IC38 GENERAL INSURANCE AGENT EXAM - Study Notes
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Cumulative bonus can be provided only on indemnity based health insurance policies and not benefit policies (except PA policies).
Malus
- if the claims under a policy are very high, a malus or loading of premium is collected at renewal.
As per IRDAI guidelines, a 30 days grace period is allowed for renewal of individual health policies.
Standard risks
- These consist of those people whose anticipated morbidity (chance of falling ill) is average.
Preferred risks
- These are the ones whose anticipated morbidity is significantly lower than average and hence could be charged a lower premium.
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