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

View solution

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

View solution

Q. How do administration systems influence product design?

View solution

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

View solution

Q. How do regulatory requirements impact product design?

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

Q. What occupations might insurers restrict coverage for?

View solution

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

View solution

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

View solution

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

View solution

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

View solution

Q. What recourse does an insurer have if the age of the insured is found to be understated or overstated?

View solution