Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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Riders are add on the base policy. One can avail various supplementary riders to the basic life cover under Group Insurance.
One of the main defining characterisitics of employer-employee group insurance is that there is no need, up to a certain level of cover, for individual evidence of insurability except as defined above evidence of insurability. This is referred as free cover limit.
One of the basic requirements is that the group should not be formed to obtain the group insurance. Hence insurance must be incidental to the existence of the group.
In the context of group insurance, prospective experience rating refers to setting a premiumrate for the future coverage period by reflecting a groups past experience, to the extent that it is credible and is expected to continue into the future.
The group renewal process builds upon the usual procedures for quoting for a new group. Sometime prior to the renewal date, a representative of the insurer contacts the employer to discuss the renewal process. It is important to obtain the emploers view as to the quality fo the insurers service and to discuss/propose any modifications to the group scheme.
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