Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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The lock-in period for all Unit Linked Products is five years. During this period, no residuary payments on policies that have lapsed or have been surrendered / discontinued are made.
Salaried Employees, People belonging to lower economic strata, Government departments, Regulatory bodies etc are Low Risk Customers
Non-residents, high net worth individuals, companies having close family shareholding or beneficial ownership,Trust, Charities, NGO are examples of high risk customers.
KYC norms include all: Obtaining details for proper identification of new customers, Verifying addresses, Photographs
In simple terms, 'policy is void ab inito' means the policy is treated as if it never existed.
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