Académique Documents
Professionnel Documents
Culture Documents
o The law of large numbers. o Life Insurance. o General insurance. o Peril. o Risk selection of lives / anti selection.
Insurable Interest
Utmost good faith, ubrina fides
Underwriter Loss adjuster * investigating the cause and circumstance. Loss assessor * to assess the extent of damage or loss settlement.
LIAM
ASM NAMLIFA MII
Solvent
Insolvent Common law , Equity law , Statutory law - Life insurance contract * intention to create legal relationship. * offer and acceptance. * consent- consensus ad idem. * consideration. * legal capacity to contract. * legality of the contract.
Material fact
Implied Authority * not expressed either orally or writing Special agent, General agent , Universal agent Mode of payment
Method of payment
Policy document * evidence of a contract. Endorsement first life insurance policy- 1583 in England by William Gybbon. Mortality Morbidity Mortality , expenses , rate of return and tax Premature death, total permanent disability and old age.
Surrender value and cash value Paid up value Extended term assurance Policy loans - 92% on the cash value. Non for forefeiture conditions * section 156 of the insurance ACT 1996 ( PG 324 ).
Sold not bought. Suicide clause ( PG 326 ). Incontestability clause ( PG 326) * section 147(4) of the Insurance ACT 1996.
Duplicate policy
Alterations Replacement of life insurance policies Loading letter Backdating Method of payment Mode of payment
Condition privileges
Death claim
Maturity claim
Proof of death
Proof of title and Ownership
Deed of assignment
Probate of the will
Intestate Settlement options ALB, ANB , ANB * 16 years old to take up for traditional life * 18 years old for investment link. Ethics and code of conduct.
Twisting
Rebating Inducing Breach of utmost good faith Caveat emptor(let the buyer be aware). Risk Base Capital- Jan 2009
Cash and Deposits. Fixed Income Securities. Shares. Unit Trusts. Investment Trusts. Properties. Derivatives. Commodities. Life Insurance. Annuities. Exchange Traded Funds. Sukuk Bonds. Real Estate Investment Trusts. Capital Guaranteed Funds .
Diversification.
Switching.
Premium Holiday.
Top- Ups.
High Risk- High Return.
Offer Price.
Annual fund management fee. Bid- offer spread. Reduction in allocation of units- Unallocated premiums.
Initial Units.
Mortality charges.
Surrender charges.
oEquity funds oBond funds oProperty funds oSpecialized funds oManaged funds oBalanced funds