Question
a.
It covers a large number of individuals in a cost-efficient manner.
b.
It is a long-term contract with guaranteed renewable terms every year.
c.
It allows new members to join and existing members to leave during the policy year.
d.
It offers various types of insurance contracts such as term, health, gratuity, and pension.
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. Which statement best defines a group insurance contract?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
Q. What aspect of the group scheme renewal process allows insurers to review their internal processes?
View solution
Q. What challenge is associated with estimating reserve requirements in group insurance renewal?
View solution
Q. Why is it important to consider statistical fluctuations when analyzing the claims experience of small groups?
View solution
Q. What is the significance of the A/E ratio in the renewal analysis of a group insurance policy?
View solution
Q. What factors determine the level of analysis required for renewing a group insurance policy?
View solution
Q. What is one challenge specific to group renewals for insurers?
View solution
Q. What is the primary objective for an insurer during group business renewal?
View solution
Q. How are premiums typically paid in group insurance?
View solution
Q. What is the credibility factor denoted by in group insurance?
View solution
Q. Why is it important to establish the validity of past claims experience in group insurance?
View solution
Q. What factor should be considered when calculating exposures for group insurance?
View solution
Q. Why might the assumption of independence of claims be less valid for group insurance compared to individual life insurance?
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. What disadvantage might an insurer face if it fails to incorporate a group's positive past experience into its premium?
View solution
Q. What is the primary reason for offering prospective experience rating in group insurance?
View solution
Q. When should the experience rating profit sharing formula and related assumptions be furnished according to IRDA guidelines?
View solution
Q. What mortality assumption is specified by IRDA guidelines for profit sharing purposes?
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. How often is profit sharing allowed according to IRDA guidelines?
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
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!
