Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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The underwriting process assesses the risk proposed to be insured and is the basis of the decision to accept the offer for insurance and on what terms insurance or decline the offer for insurance.
The IRDA regulations state that an insurer must notify the proposer of their decision of acceptance or otherwise within a stipulated period (15 days).
Risk assessment involves looking at a number of individual factors may affect mortality and making a determination of the total effect of these individual effects on longevity of life
The opening paragraph is called the preamble and makes the proposal and declarations signed by the proposer part of the contract.
The truth of the statements made in the documents is secured to be warranties. If untrue statements were made in the documents the contract becomes null and void.
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