Practice of Life Insurance Exam

A duplicate policy document is clearly stamped with a rubber stamp to indicate that it is a duplicate policy; however, the duplicate is as good as the original document for all practical purposes.
People who are in professions where risk is more than other normal professions are charged higher premiums. For example, people Profession working in underground mines and explosive factories are exposed to higher risks than people in other professions such as the IT Industry
If the risk is assessed to be greater than the standard, it is described as sub-standard and a higher premium may be charged.
If the extra risk is assessed to be very high, the insurer may also decline the proposal for insurance, as no amount of extra premium is sufficient to take care of the very high extra risk.
Premiums are normally payable in yearly, half-yearly, quarterly or monthly instalments. Monthly payment of premium involves much more administrative work,like issue of receipts and accounting and adjustments, 12 times compared to once, in a yearly mode of premium payment.

Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points