Question
a.
Commission paid when a policy is first purchased
b.
Commission paid when a policy is renewed for another term
c.
Commission paid for selling multiple policies
d.
Commission paid for providing after-sales service
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. What is renewal commission?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
Q. Why are distributors paid commission in the insurance industry?
View solution
Q. What are some of the services for which distributors have to provide after-sales support?
View solution
Q. What is a key factor influencing the determination of commission rates for insurance distributors?
View solution
Q. How do insurance companies typically adjust commission rates based on the complexity of insurance products?
View solution
Q. Why is it important for insurance companies to consider the commission rates offered by competitors?
View solution
Q. What might happen if an insurance company offers significantly lower commission rates than its competitors?
View solution
Q. How do commission rates vary between single premium and regular premium products?
View solution
Q. How do higher commission rates impact premium and sales volume in the insurance industry?
View solution
Q. Why is it important for actuaries to strike a balance between distributor satisfaction and policyholder value for money?
View solution
Q. How does the desired profitability target influence commission rates?
View solution
Q. Why is past experience with commission rates for existing products important in determining new commission rates?
View solution
Q. What is the long-term benefit of lower commission rates, lower premiums, and higher sales?
View solution
Q. How do regulations impact commission rates in the insurance industry?
View solution
Q. What is the purpose of claw-back terms in commission agreements?
View solution
Q. How are persistency targets related to commission structure?
View solution
Q. How can insurers use commission structure to control withdrawal risk?
View solution
Q. What is the purpose of a band-wise commission structure?
View solution
Q. How are insurance products typically distributed to customers?
View solution
Q. What is the purpose of commission or remuneration in the insurance industry?
View solution
Q. How is commission typically provided to distributors in the insurance industry?
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!