Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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Endowment Assurance: Combination of 2 plans: (1) A term assurance which pays the Sum Assured in case of death during the term (2) A pure endowment plan which pays this amount if the insured survives the term.
Money back plan - Endowment plan which returns of a part of the sum assured in periodic installments during the term and balance of sum assured at the end of the term
Participating (Par) or with profit plans - 'Par' implies policies which are participating in the profits of the life insurer. 'Non ? Par' policies represent policies which do not participate in the profits
Health Insurance is a contract between the insurer and the insured wherein the insurer agrees to pay hospitalisation expenses to the extent of an agreed sum insured in the event of any medical treatment arising out of an illness or an injury
Family Floater - The sum insured floats among the family members. Family floaters usually cover husband, wife and children. Premium will normally be charged based on the age of the oldest member of the family proposed for insurance.
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