Question

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

a.

To provide examples of potential policy alterations

b.

To demonstrate the distribution channels used

c.

To show the options and guarantees offered by the product

d.

To provide an example of the application form for insurance

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (d).To provide an example of the application form for insurance Explanation:The purpose of enclosing a specimen proposal form is to provide an example of the application form for insurance, which outlines the necessary information required from prospective policyholders.

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