Question

What are switches in insurance?

a.

Facility allowing policyholders to change the investment pattern

b.

A mechanism for policy reinstatement

c.

The process of transferring policy ownership

d.

An option to convert term life insurance into whole life insurance

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (a).Facility allowing policyholders to change the investment pattern Explanation:Switches refer to a facility allowing the policyholder to change the investment pattern by moving from one segregated fund to other segregated fund(s) among those offered under the underlying unit-linked product of the insurer.

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