Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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The operative clause is contained in the preamble. This clause details the mutual obligations of the insurance company and the insured.
The preamble also includes the proviso which clarifies that the following are part of the policy: the terms and conditions printed on the policy document the endorsements placed on it
The schedule contains the specific particulars relating to the insurance contract, which the policy document is evidence of such as the name and address of the policyholder or the life insured, plan and term, sum assured and mode of payment.
The attestation is the signature on behalf of the insurer. It appears at the end of the first page of the policy.
explanatory conditions: they clarify the conditions of the policy. Explanatory conditions are for the insured's information
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