Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
Page 38 Of 49
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Retention limit: The Sum Assured Limit up to which the entire risk is borne by the insurer himself without opting for reinsurance.
Reinsurance is only to spread the risk. Under Group Insurance it is an important tool as the coverage per scheme may be very high under a scheme.
The reinsurer is paid a 'reinsurance premium' by the ceding company, which issues insurance policies to its own policyholders.
Group schemes can be reinsured using Quota share or Surplus arrangements on an annually renewable basis.
IRDA of India has allowed Quota share for group business in case of new insurers.
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