IC 14 - Regulation of Insurance Business Exam Study Notes

Micro-insurance products need prior approval of the authority under the 'File & Use' procedure and every such product shall prominently carry the caption 'Micro-Insurance Product'.
According to these regulations, the discontinued policyholders have an option to either revive the policy within the terms and conditions governing the policy or withdraw the entire funds from the underlying ULIP funds with no risk cover.
Most of the insurance companies allow the policyholder to pay premium on a monthly, quarterly, semi-annual or annual basis. Most of the insurance companies do not give the policyholder the option to pay premium on a daily or weekly basis.
The life insurance companies are required to provide separate training to all their insurance agents / intermediaries before the insurance agents / intermediaries are authorised to sell the ULIP products. The curriculum of the training must include the basic features and inherent risks of ULIP products.
For single premium contracts under ULIPs, the minimum sum assured for the age at entry of below 45 years is 125% of the single premium paid. For the age of entry of above 45 years, the minimum sum assured is 110% of the single premium paid.

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