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PRE CONTRACT EXAMINATION

o The law of large numbers. o Life Insurance. o General insurance. o Peril. o Risk selection of lives / anti selection.

PRE CONTRACT EXAMINATION


Physical hazard Moral hazard Occupational hazard Standard lives, Sub standard lives * impairment

Insurable Interest
Utmost good faith, ubrina fides

PRE CONTRACT EXAMINATION


Indemnity Subrogation * to prevent making money out of insurance. Contribution * call upon the other insurer to share the lost proportionately. Proximate cause Subject matter of Insurance * motor insurance cars , motorcycles, etc,.. * marine ships, cargos * personal life lives, limbs, etc,.. * aviation airplanes, lives, etc,.. * fire buildings, goods, etc,..

PRE CONTRACT EXAMINATION


Assignment - transfer of rights. * conditional. * absolute Assignor , Assignee.
Takaful . * the takaful act 1984. * concept of tabarru- means donation, gifts or contribution. Centralization and Decentralization.

Insurance mediation Bureaus.

PRE CONTRACT EXAMINATION

Intermediaries * insurance agents * insurance brokers.

Underwriter Loss adjuster * investigating the cause and circumstance. Loss assessor * to assess the extent of damage or loss settlement.

PRE CONTRACT EXAMINATION

Actuary Reinsurer PIAM

LIAM
ASM NAMLIFA MII

PRE CONTRACT EXAMINATION


Code of Ethics

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.

PRE CONTRACT EXAMINATION


o

Material fact

o Disclosure o Non disclosure o Duty of disclosure o Principle

PRE CONTRACT EXAMINATION


Express Authority * given orally or in writing

Implied Authority * not expressed either orally or writing Special agent, General agent , Universal agent Mode of payment
Method of payment

PRE CONTRACT EXAMINATION


Grace period Pre-existing Exclusions Co-insurance Deductibles

PRE CONTRACT EXAMINATION


Proposal E-forms

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.

PRE CONTRACT EXAMINATION


Term insurance * convertible term. * renewable term. * guaranteed insurability option. * Level Term * Reducing Term * Increasing Term Whole Life Endowment, anticipated end policy * pure endowment policy. Annuities MRTA policy Permanent Health Insurance * income during sick or disability on long term notice.

PRE CONTRACT EXAMINATION


dread disease Investment linked home service. Takaful Joint life or last survivor Group insurance A master policy

PRE CONTRACT EXAMINATION

Privileges and conditions

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 ).

PRE CONTRACT EXAMINATION

Automatic premium loan .

Sold not bought. Suicide clause ( PG 326 ). Incontestability clause ( PG 326) * section 147(4) of the Insurance ACT 1996.

PRE CONTRACT EXAMINATION


Age admission * proof of age section 146 on the infers act 1996

Duplicate policy
Alterations Replacement of life insurance policies Loading letter Backdating Method of payment Mode of payment

PRE CONTRACT EXAMINATION


tax relief- (PG 340) Initial expenses (PG 351) Gross premium Net premium Bonus loading Surplus Interim bonus (PG 366)

PRE CONTRACT EXAMINATION


o Heading o Preamble o Operative clause o Proviso o Schedule o Attestation

PRE CONTRACT EXAMINATION

Condition privileges

Death claim
Maturity claim

Proof of death
Proof of title and Ownership

Deed of assignment
Probate of the will

PRE CONTRACT EXAMINATION


letter of administration effected under section 23 of the civil law ACT 1996 * proper claimant act coroners inquest statutory presumption of death cooling of period , free look period . 4% on claims after 60 days.

PRE CONTRACT EXAMINATION


Testate

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.

PRE CONTRACT EXAMINATION

Twisting

Rebating Inducing Breach of utmost good faith Caveat emptor(let the buyer be aware). Risk Base Capital- Jan 2009

CEILI- INVESTMENT LINK


INVESTMENT CHOICES

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 .

CEILI- INVESTMENT LINK

Diversification.

Switching.
Premium Holiday.

Top- Ups.
High Risk- High Return.

Low Risk- Low Return.


Bid Price.

Offer Price.

CEILI- INVESTMENT LINK


TYPES OF CHARGES
Policy fee.

Annual fund management fee. Bid- offer spread. Reduction in allocation of units- Unallocated premiums.

Initial Units.
Mortality charges.

Surrender charges.

CEILI- INVESTMENT LINK


INVESTMENT LINKED- FUNDS o Cash funds

oEquity funds oBond funds oProperty funds oSpecialized funds oManaged funds oBalanced funds

CEILI- INVESTMENT LINK


Single premium plans

Regular premium plans Accumulation of units Distribution of units

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