Question
a.
Because group policies have higher underwriting costs
b.
Because individual policies have lower administrative expenses
c.
Because group policies require separate sales processes
d.
Because one group policy covers multiple individuals
Posted under IC 92 Actuarial Aspects of Product Development
Interact with the Community - Share Your Thoughts
Uncertain About the Answer? Seek Clarification Here.
Understand the Explanation? Include it Here.
Q. Why are sales costs lower for group insurance policies?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
Q. What contributes to the lower underwriting and policy issue costs in group insurance?
View solution
Q. How does group insurance differ from individual insurance in terms of the contract?
View solution
Q. What determines the terms of insurance cover in group insurance?
View solution
Q. What document defines the terms and conditions of a group insurance contract?
View solution
Q. What is the underwriting unit in group insurance?
View solution
Q. What factor determines the amount of cover in group insurance?
View solution
Q. How are premium rates adjusted in group insurance schemes?
View solution
Q. What role does the group serve in group insurance?
View solution
Q. What is a crucial requirement regarding the formation of the group for group insurance?
View solution
Q. Why is a steady stream of new entrants important for a group insurance scheme?
View solution
Q. What purpose does the requirement of a large proportion of eligible persons joining the scheme serve?
View solution
Q. What is a common feature of superannuation schemes?
View solution
Q. What distinguishes savings-linked insurance schemes from other types of contracts?
View solution
Q. What characterizes employer-employee groups in group insurance?
View solution
Q. In a non-contributory scheme for employer-employee groups, what is required of eligible employees?
View solution
Q. What is the purpose of creditor-debtor groups in group insurance?
View solution
Q. Who typically takes out the Master Policy in creditor-debtor groups?
View solution
Q. What types of professionals may form professional groups for insurance purposes?
View solution
Q. What is an insured group scheme?
View solution
Q. Which contract pays a specified sum on the death of an individual member during the contract period?
View solution
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!
