Life Insurance-Meaning – Objectives –Principal terms Used – Features –
Advantages and Limitations.
Life Insurance Products –
-Needs of Consumer,
-Objectives of the insurer,
-Benefits,guarantees and options provided,
-Purpose of the products for the insurer,
-Purpose of the products for the insured
Basic for issuing the insurance products:
-Single or Regular premium
-With or Without profits
-Unit linked or index – linked
-Single , Joint or group life basis
-With or Without conversion options.
Technique of Asset Shares – Meaning – Building of Asset Shares by Recursive
formula – Uses of asset shares.
Sources of risk to a life immence – Guarantees and options
-Actions of the Board of Directors
-Failure of appropriate management systems and control
-Counter parties under reinsurance arrangements
-Legal,Regular and Fiscal developments
-Aggregation and Concentration of risk including credit failure