Question

What does the specimen policy contract provide to insurers?

a.

Detailed market analysis

b.

Specimen sales literature

c.

Illustrations of benefit scenarios

d.

Standard terms and conditions of the insurance product

Answer: (d).Standard terms and conditions of the insurance product Explanation:The specimen policy contract provides insurers with the standard terms and conditions of the insurance product, outlining the legal obligations and coverage details for policyholders.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What does the specimen policy contract provide to insurers?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the purpose of enclosing a specimen proposal form while filing a proposal for a new insurance product?

Q. What are the main purposes of the 'File and Use' system in insurance regulation?

Q. What distinguishes the 'Use and File' system from the 'File and Use' system?

Q. What role does the regulator play in the 'Use and File' system?

Q. What distinguishes the 'Free' system from other regulatory systems?

Q. What is the underlying philosophy behind the 'Free' system?

Q. What is the purpose of the minimum death benefit provision in Indian insurance regulations?

Q. How do Indian insurance regulations impact the policy term and premium paying term of insurance products?

Q. What is the purpose of regulating commissions or remuneration in Indian insurance regulations?

Q. How are surrender values calculated according to Indian insurance regulations?

Q. What is the condition for collecting advance premium according to the regulations?

Q. What is the characteristic of level premiums as per the regulations?

Q. What is the treatment of additional payments made on an ad hoc basis according to the regulations?

Q. What is prohibited concerning product names under the regulations?

Q. What information must be clearly indicated regarding benefits offered on maturity, according to the regulations?

Q. What criteria determine whether a product can be classified as a savings product according to the regulations?

Q. How are innovative products treated if they have not yet been approved by the Authority?

Q. What concerns do policyholders typically have regarding insurance contracts?

Q. What type of education do policyholders expect before and after purchasing insurance contracts?

Q. How do distributors earn remuneration in the insurance business?

Recommended Subjects

Are you eager to expand your knowledge beyond IC 92 Actuarial Aspects of Product Development? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!