Question

Which of the following is NOT typically included in the general description of a group insurance product?

a.

Contingencies under which benefits would be payable and how they would be determined.

b.

Product features such as participation status, benefits payable on death or survival, and non-forfeiture benefits.

c.

Target market and distribution channels for marketing the product.

d.

Treatment of different classes for underwriting purposes, such as gender, smoking status, and entry ages.

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Target market and distribution channels for marketing the product. Explanation:The general description of a group insurance product typically includes contingencies under which benefits would be payable and how they would be determined, as well as product features such as participation status, benefits payable on death or survival, and non-forfeiture benefits. It also covers aspects like treatment of different classes for underwriting purposes. However, details about the target market and distribution channels for marketing the product are usually provided separately and are not typically included in the general description of the product.

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Q. Which of the following is NOT typically included in the general description of a group insurance product?
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