Question

What are the rules that have been recommended for high risk profile persons?

a.

The insurance companies need to implement KYC and underwriting procedures with higher levels of verification and counter checks for such clients

b.

They need to submit financial documents to justify the amount of insurance applied for

c.

They need to submit additional proof of identity documents

d.

The amount of insurance cover applied for by such clients cannot exceed a certain limit

Posted under IC22 Life Insurance Underwriting

Answer: (a).The insurance companies need to implement KYC and underwriting procedures with higher levels of verification and counter checks for such clients Explanation:Insurance companies need to implement KYC and underwriting procedures with higher levels of verification and counter checks for high risk profile persons such as politically exposed persons, non-residents, high net worth individuals (HNI) etc.

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Q. What are the rules that have been recommended for high risk profile persons?
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