Summary |
Life insurance is primarily for protection against the pains of mortality and morbidity. The secondary purpose of life insurance is the management of wealth and estate of the policyholder. Life insurance obligation arises when the insured event happens. The primary insured event in a life insurance company is the death of the policyholder. Apart from this major insured event, the policy many also cover the risk of acquiring major diseases and death due to unnatural causes such as accident. In this book various requirements for life insurance business such as marketing, accounting, actuarial practices, underwriting, claim settlement, asset management, and legal aspects are dealt with using illustrations. The fundamental requirement in the life insurance practice is the proof of the happening of insured event. It can be death, death due to accident, and/or contracting dreaded disease. Apart from the benefit payable on the happening of the insured event, some life insurance policies pay certain benefit on survival at the end of term, called maturity benefit. The book looks at the requirements for the settlement of benefit(s) under this category. The requirements under this category are relatively less compared to the requirements to be submitted for the benefit payment on the happening of the insured event. All lines of insurance lean heavily on certain principles. The book deals with such principles specific to life insurance business.
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