Practice of Life Insurance Exam

The maximum loan amount that can be sanctioned under any ULIP policy shall not exceed 40% of the net asset value in those products where equity accounts for more than 60% of the total share and shall not exceed 50% of the net asset value of those products where debt instruments accounts for more than 60% of the total share.
A demand on the insurer to fulfil its promise, as per the terms and conditions of the policy, is called a 'policy claim'
A maturity claim is payable as per the terms of the contract at the end of the term of the policy, if the life assured lives up to that date.
Claim at periodic intervals-- survival benefits: claims may arise because of survival of the insured up to a specified period during the term. Such regular periodic payments are often made in money-back policies.
Claim by death: claim may arise due to the death of the life assured during the term of the policy.

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