Question
a.
As a fixed percentage of the premium
b.
As a fixed amount per contract
c.
Both a and b
d.
None of the above
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. How are commissions typically structured in insurance?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
Q. What is the overriding principle regarding commission rates in insurance?
View solution
Q. How is stamp duty accounted for in insurance plans?
View solution
Q. What is the purpose of the risk and profit load in insurance premium calculations?
View solution
Q. What factors influence the required return in insurance?
View solution
Q. Why are group life insurance rates on an annual renewable basis usually not guaranteed for more than a single year?
View solution
Q. What is the purpose of retrospective experience rating or profit sharing in group insurance?
View solution
Q. What does prospective experience rating in group insurance involve?
View solution
Q. What does retrospective experience rating in group insurance involve?
View solution
Q. What is one reason why participating group insurance is attractive to both the insured group and the insurer?
View solution
Q. How does longer review periods benefit group insurance?
View solution
Q. What advantage do with-profit plans in group insurance have over without-profit plans?
View solution
Q. According to the guidelines issued by IRDA of India, what is the minimum number of life years required under a Group Master Policy for considering profit sharing?
View solution
Q. How often is profit sharing allowed according to IRDA guidelines?
View solution
Q. What is the maximum percentage of profit sharing allowed if the number of life years for a scheme is less than one lac?
View solution
Q. What mortality assumption is specified by IRDA guidelines for profit sharing purposes?
View solution
Q. When should the experience rating profit sharing formula and related assumptions be furnished according to IRDA guidelines?
View solution
Q. What is the primary reason for offering prospective experience rating in group insurance?
View solution
Q. What disadvantage might an insurer face if it fails to incorporate a group's positive past experience into its premium?
View solution
Q. Why is it important for insurers to correctly assess the extent to which a group's past experience should be reflected in the premium?
View solution
Q. Why might the assumption of independence of claims be less valid for group insurance compared to individual life insurance?
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!