Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points

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  • The maximum loan amount that can be sanctioned under any ULIP policy must not exceed 40% of the surrender value in those products where equity accounts for more than 60% of the total share.
  • The maximum loan amount that can be sanctioned under any ULIP policy must not exceed 50% of the surrender value in those products where Debt accounts for more than 60% of the total share.
  • Settlement option is not available for pension and annuity plans.
  • A negotiable instrument is a specialised type of contract that is unconditional and capable of transfer by negotiation.
  • Micro-insurance is the protection of low-income people against specific perils in exchange for regular premium payments proportionate to the likelihood and cost of the risk involved.
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IC 14 - Regulation of Insurance Business

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