Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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Quoting for a group renewal is not so different than having to quote on a new group except that more information is available and some relationship already exists between the insurer and the scheme sponsor.
Request for Duplicate Policy Bond is a part of servicing/administration of group scheme. Duplicate Policy bond issuance will go with the internal administrative guidelines of the insurer.
In general change in benefits schedule during the term of the contract will not be entertained. However schemes influenced by the statute may necessitate change to be incorporated during the term of the contract itself.
Reinsurance is insurance that is purchased by an insurance company directly or through a broker as a means of risk management.
Facultative reinsurance is normally purchased by ceding companies for individual risks not covered, or insufficiently covered, by their reinsurance treaties, for amounts in excess of the monetary limits of their reinsurance treaties and for unusual risks.
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