Q. What factor should be considered when calculating exposures for group insurance?

View solution

Q. Why is it important to establish the validity of past claims experience in group insurance?

View solution

Q. What is the credibility factor denoted by in group insurance?

View solution

Q. How are premiums typically paid in group insurance?

View solution

Q. What is the primary objective for an insurer during group business renewal?

View solution

Q. What is one challenge specific to group renewals for insurers?

View solution

Q. What factors determine the level of analysis required for renewing a group insurance policy?

View solution

Q. What is the significance of the A/E ratio in the renewal analysis of a group insurance policy?

View solution

Q. Why is it important to consider statistical fluctuations when analyzing the claims experience of small groups?

View solution

Q. What challenge is associated with estimating reserve requirements in group insurance renewal?

View solution

Q. What aspect of the group scheme renewal process allows insurers to review their internal processes?

View solution

Q. Which statement best defines a group insurance contract?

View solution

Q. What is the primary purpose of offering prospective experience rating in group insurance?

View solution

Q. Which feature of group insurance helps in reducing significant costs and is a time-saving feature?

View solution

Q. What is the main attraction of group insurance?

View solution

Q. What term refers to allowing a group to participate in the good or adverse claims experience it will have at the end of the insurance term?

View solution

Q. Which of the following can be treated as groups for the purpose of insurance contract?

i. A group of persons residing in a housing colony—where some of them are tenants.
ii. A trade union of taxi drivers in a city, e.g. Mumbai.
iii. The members of a professional group, such as Institute of Chartered Accountants of India.
iv. The parents of students of a school.

View solution

Q. Which of the following is not a type of group insurance contracts offered by insurers?

View solution

Q. While determining the extent to which the premium rate could be reduced or increased to reflect the new claim experience of the concerned group, which of the following combination of factors are considered by actuaries?

i. Size of the group
ii. Age of the group members
iii. Occupation of the group members
iv. Number of policy years The options are:

View solution

Q. In which of the following type of group contracts will the additional benefit i.e. the accumulated amount of contributions be payable?

View solution