Q. What are the two main purposes of underwriting in the context of health insurance?

View solution

Q. What is anti-selection in the insurance context?

View solution

Q. What is the term for individuals whose expected morbidity (chance of falling ill) is average?

View solution

Q. Who are considered "preferred risks" in underwriting?

View solution

Q. What are "substandard risks" in the context of underwriting?

View solution

Q. What is the term for individuals who are highly prone to sickness and making claims, making them difficult to insure even at higher premium rates?

View solution

Q. What does the term "Moral Hazard" refer to in the context of insurance?

View solution

Q. What does it mean when an individual is classified as a "Declined Risk" in underwriting?

View solution

Q. What does primary underwriting involve in the underwriting process?

View solution

Q. What is the role of an insurance agent in primary underwriting?

View solution

Q. Why is the role of an agent crucial in the underwriting process?

View solution

Q. Where does the major part of underwriting take place in the insurance company?

View solution

Q. What is portability of health insurance as defined by IRDAI?

View solution

Q. When can the process of portability be initiated by an insured individual?

View solution

Q. How much time in advance should an insured individual request porting to the old insurer?

View solution

Q. Which entity maintains data about all health insurance policies issued by insurance companies to individuals?

View solution

Q. What terms of the new policy, including the premium, are decided by the new insurance company during portability?

View solution

Q. What is migration of health insurance, as defined by IRDAI?

View solution

Q. When can a policyholder apply for migration of their health insurance policy?

View solution

Q. Can insurers levy charges exclusively for migration of health insurance policies?

View solution