Question

What should an insurer provide when discussing the product design concept of a proposed innovative product with the Authority?

a.

Detailed financial projections

b.

Market research inputs identifying customer needs

c.

Proof of increased infrastructure costs

d.

Statements from competitors

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).Market research inputs identifying customer needs Explanation:An insurer should provide market research inputs identifying the specific needs of customers when discussing the product design concept of a proposed innovative product with the Authority, as per the regulations.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What should an insurer provide when discussing the product design concept of a proposed innovative product with the Authority?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What should an insurer consider regarding similar products available in other markets?

View solution

Q. What is the revival period for a discontinued policy due to non-payment of premium?

View solution

Q. What does the lock-in period refer to?

View solution

Q. How should charges be structured in linked insurance products during the lock-in period?

View solution

Q. What is the Premium Allocation Charge in linked insurance products?

View solution

Q. How is the Fund Management Charge (FMC) calculated in unit linked products?

View solution

Q. What does the Guarantee Charge represent in unit linked products?

View solution

Q. What does the Policy Administration Charge represent?

View solution

Q. When is the Surrender Charge or Discontinuance charge levied?

View solution

Q. What is the Switching Charge in unit linked products?

View solution

Q. What does the Mortality/Morbidity charge represent?

View solution

Q. What should the mortality/morbidity charge table reflect?

View solution

Q. What is the purpose of the Rider charge?

View solution

Q. What should the rider charge reflect?

View solution

Q. When is the Partial withdrawal charge levied?

View solution

Q. When is the Miscellaneous charge levied?

View solution

Q. What is the limitation on charges for unit linked products?

View solution

Q. What is the cap on Fund Management Charges for each segregated fund?

View solution

Q. What is the purpose of the Reduction in Yield requirement for linked and variable insurance products?

View solution

Q. What is the maximum allowable net reduction in yield at maturity for policies with a term of more than 10 years?

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!

Mechatronics

Enter the world of integrated engineering systems with our Mechatronics category....

Bioinformatics

Unlock the power of data analysis in biology with our Bioinformatics category....

Chemistry

Unlock the mysteries of chemistry with our Chemistry category. Delve into the...

Verbal Ability

Hone your language and communication skills with our Verbal Ability category. Enhance...

Enzyme Technology

Unlock the power of enzymes with our Enzyme Technology category. Explore enzyme...

Microbiology

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

Logical Reasoning

Enhance your logical thinking and decision-making abilities with our Logical...

Data Interpretation

Master the art of data analysis and interpretation with our Data Interpretation...

Highway Engineering

Navigate the road to efficient transportation with our Highway Engineering category....