Q. Why is competitiveness an important factor in product design?

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Q. How does the level of risk influence contract design?

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Q. What is one way to mitigate the risk of higher surrenders or lapses in contract design?

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Q. How do administration systems influence product design?

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Q. Why is consistency with other products important in product design?

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Q. How do regulatory requirements impact product design?

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Q. What additional factors should product design consider to achieve higher sales?

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Q. Why is proper communication to a lay customer considered a main issue in product design?

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Q. What is an important consideration in identifying the target population for insurance products?

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Q. What is one condition for eligibility to purchase insurance related to age?

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Q. Why is income considered a factor in eligibility for purchasing insurance?

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Q. What role does health play in determining eligibility to purchase insurance?

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Q. What condition must be met regarding citizenship for purchasing insurance?

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Q. What flexibility is provided regarding the frequency of premium payment?

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Q. Can the sum assured be changed during the period of the contract?

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Q. What occupations might insurers restrict coverage for?

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Q. Under what circumstances is the sum assured payable in the provision of benefits?

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Q. Who is typically entitled to receive the benefits as the beneficiary?

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Q. What happens if premiums are not paid within the specified due date?

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Q. What remedy might an insurer provide for the suppression of information in the original application?

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