Question

What are the standard documents required for Keyman insurance?

a.

Addendum and bio-data of the key person

b.

Copy of board resolution and partnership questionnaire

c.

Detailed analysis and copy of income tax returns

d.

Keyman questionnaire and memorandum of association

Posted under IC22 Life Insurance Underwriting

Answer: (d).Keyman questionnaire and memorandum of association Explanation:The standard documents required for Keyman insurance are Keyman questionnaire duly signed and stamped by the authorised signatory of the company and countersigned by the key person, bio-data of the key person, detailed analysis explaining how the life to be assured is a Keyman for the organisation, memorandum of association and articles of association of the company, audited profit and loss account and balance sheet of the proposing company, details of the latest shareholding pattern of the company, copy of the board resolution passed by the company duly signed and stamped by the authorised signatory having details of the name of the key personls and the corresponding sum assured to be applied, and copy of income tax returns of the proposing company and life assured.

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