Question

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

a.

The maturity benefit is a percentage of premiums paid

b.

The maturity benefit is higher than the premiums paid

c.

The maturity benefit is lower than the premiums paid

d.

The maturity benefit closely reflects the asset share

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (d).The maturity benefit closely reflects the asset share Explanation:According to the regulations, a product can be classified as a savings product if the maturity benefit closely reflects the asset share, which is the accumulation of monies in less monies out in respect of that policy.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

View solution

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

View solution

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

View solution

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

View solution

Q. What ethical aspect of business do distributors need to adhere to when selling insurance products?

View solution

Q. What role do insurers' associations play in the insurance industry?

View solution

Q. What is the primary focus of consumer forums in the insurance industry?

View solution

Q. Which of the following statements regarding insurance product design is FALSE?

View solution

Q. What factors affect the sale of insurance products?

View solution

Q. Which regulatory system does NOT involve filing the product before introducing it to the market?

View solution

Q. What is NOT a stakeholder in insurance product design?

View solution

Q. Which of the following does not qualify as eligibility criteria to buy insurance products?

View solution

Q. Selling insurance products depends upon which of the below factors?

View solution

Q. Which of the following is / are the main purposes of the file and use system?

View solution

Q. Which of the following is the main reason for considering consumer forums as stakeholders?

View solution

Q. If the life assured dies during the tenure of the simple insurance contract, which of the following is payable?

View solution

Q. The term ‘freedom with restrictions’ best describes which of the following regulatory systems?

View solution

Q. If any information that is material to the insurer is suppressed in the original application (proposal form) at the time of issue of contract, the insurer may:

View solution

Q. Distributors earn their income by which of the following methods?

View solution
View All MCQs on IC 92 Actuarial Aspects of Product Development

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!

IC 92 Actuarial Aspects of Product Development

Sharpen your understanding of actuarial principles in product development with our...

Waste Water Engineering

Navigate the challenges of wastewater treatment and management with our Waste Water...

Microbiology

Uncover the fascinating world of microbes with our Microbiology category. Delve into...

Electronics and Communication Engineering

Explore the dynamic field of Electronics and Communication Engineering with our...

Total Quality Management

Enhance your understanding of quality management with our Total Quality Management...

Drug and Pharmaceutical Biotechnology

Navigate the world of pharmaceuticals and biotechnology with our dedicated category....

UIDAI Aadhaar Supervisor Certification

Prepare for the UIDAI Aadhaar Supervisor Certification with our specialized category....

Mechanical Engineering

Explore the world of Mechanical Engineering with our specialized category. Dive into...

Human Anatomy and Physiology

Embark on a journey through the human body with our Human Anatomy and Physiology...