IC 14 - Regulation of Insurance Business Exam Study Notes

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.
Combi Product shall be a combination of Life Insurance cover offered by life insurance companies and Health Insurance cover offered by General Insurance Companies or Health Insurance Companies.
KYC norms include all: Obtaining details for proper identification of new customers, Verifying addresses, Photographs
The insurer shall provide for a mechanism to condone a delay in renewal up to 30 days from the due date of renewal without deeming such condonation as a break in policy. However coverage need not be available for such period.
Section 39 of the Insurance Act provides that the policy holder may nominate one or more persons to whom the money secured by the policy shall be paid in the event of death of the policy holder. Section 39 of Insurance Act 1938 has been substituted by following section vide Insurance Laws (Amendment) Act 2015.

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