Q. What should be clearly stated in the prospectus of an insurance product?

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Q. What is the maximum allowable percentage of premium for all riders combined in relation to the main product?

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Q. According to insurance regulations, what must be provided to the prospect to enable them to decide on the best cover?

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Q. In which type of insurance is a proposal for grant of cover required to be evidenced by a written document?

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Q. What languages may be used for the forms and documents used in the grant of cover?

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Q. According to the regulations, who bears the onus of proof regarding any information not recorded in the proposal form?

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Q. What action must the insurer take when the benefit of nomination is available?

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Q. Within what period must the insurer communicate all decisions regarding proposals in writing?

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Q. What is a policy bond?

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Q. When does the risk coverage commence in relation to the policy bond?

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Q. What is the purpose of the free look period in insurance?

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Q. Who mandates the free look period in insurance?

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Q. What does the free-look period option of a life insurance plan allow the customer to do?

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Q. Within what timeframe should the free-look option be exercised after receiving the policy?

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Q. What deductions are typically made from the premium refund if a policy is canceled during the free-look period?

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Q. How are changes in the net asset value (NAV) of unit-linked insurance plans during the free-look period handled?

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Q. What is the duration of the free-look period for a life insurance plan?

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Q. What opportunity does the free-look period provide to the customer?

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Q. What is the primary objective of offering a free look period?

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Q. Why is a free look period advantageous for insurance companies?

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