Question

What do insurers consider while determining the expected volume of business?

a.

Design of product and size of premium/cover only

b.

Size of population and service provision only

c.

Design of product, size of population, size of premium/cover, and service provision

d.

Size of premium/cover and service provision only

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Design of product, size of population, size of premium/cover, and service provision Explanation:While determining the expected volume of business, insurers consider the design of the product, size of population, size of premium/cover, and service provision.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What do insurers consider while determining the expected volume of business?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What factors do insurers consider while determining the optimum size of a policy?

View solution

Q. What influences the pricing of insurance products according to regulations?

View solution

Q. How is commission payment usually expressed in insurance?

View solution

Q. What are the types of premium payment?

View solution

Q. What does the cost of expenses in insurance include?

View solution

Q. What does the cost of benefit in insurance represent?

View solution

Q. How can the equation of value for insurance products be expressed?

View solution

Q. Which factor should pricing meet for insurance products?

View solution

Q. What is the term used for the price paid for buying insurance?

View solution

Q. What is the basis for calculating the net yield?

View solution

Q. How should mortality and morbidity charges be treated in the calculation of net yield?

View solution

Q. What are non-negative claw-back additions in unit linked 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

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

View solution

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

View solution

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

View solution

Q. When is the Miscellaneous charge levied?

View solution

Q. When is the Partial withdrawal charge levied?

View solution

Q. What should the rider charge reflect?

View solution

Q. What is the purpose of the Rider charge?

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!

Logical Reasoning

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

Automotive Engine Design

Embark on a thrilling exploration of Automotive Engine Design, where the intricacies...

Non Verbal Reasoning

Enhance your cognitive abilities with our Non-Verbal Reasoning category. Dive into...

Cytogenetics

Delve into the genetic mysteries of chromosomes with our Cytogenetics category....

Verbal Ability

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

IC 92 Actuarial Aspects of Product Development

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

Highway Engineering

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

Foundation Engineering

Master the principles of Foundation Engineering with our specialized category....

Environmental Biotechnology

Discover the intersection of biology and environmental science with our Environmental...