Question
a.
For insurance products, product design is an important factor to be considered.
b.
Product design is required to fill the gap or inadequacy in the existing product range.
c.
There are various factors affecting product design, most important being profitability and its sensitivity, marketability and competitiveness, level of risk, administration system, consistency with other products and regulation.
d.
Products should be capable of being sold in the market profitably.
Posted under IC 92 Actuarial Aspects of Product Development
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Q. Which of the following statements regarding insurance product design is FALSE?
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