This course covers the risks arising from the underwriting of life and health insurance, associated with both the perils covered and the processes followed in the conduct of the business.
Life Insurance Underwriting is the process of accepting the proposal of the customer based on the guidelines formulated by the insurance company. The insurance companies codify a set of procedures which must be followed before accepting any new business. When a new proposal comes to the insurance company its underwriting department scrutinizes the proposal whether or not it fulfills the criteria laid down by the company. If they find any lacunae they ask the agent to get it corrected. It is not that one can get whatever cover one wants. The issue of policy depends on income of the insured and whether he has the capacity to pay the premium over the years. Once the underwriters are satisfied that all the conditions have been fulfilled they go ahead to accept the premium and issue the policy. Underwriting can be defined as the decision making process during which the company decides whether to insure or not and if yes at what rate.
- To equip participants with the requisite knowledge for the underwriting of group and individual life and health insurance products, including knowledge on life insurance company operations, life insurance law and the principles of insurance.
This course provides an overview of the delegated authority in underwriting process, operation, administration and information systems.
It also covers the human anatomy and physiology, and key medical conditions in underwriting, role of insurance in underwriting, claims handling, as well as the legal terms and conditions of an insurance contract.
- Recall the various underwriting procedures
- Remember the points to be considered while examining a proposal
Principles of Insurance: Life, Health and Annuities
This section introduces the principles of insurance, the process of becoming insured,and the policyowner’s contractual rights. The course includes information on the features of individual and group life insurance, health insurance and annuity products.
Insurance Company Operations
This section describes the organisation of insurance companies and the environment in which they operate, focusing on specific company operations such as marketing, actuarial, underwriting, and financial activities.
Underwriting Life and Health Insurance
This section introduces risk assessment principles applied to underwriting individual and group life and health insurance, including specialised policies and supplemental coverages.
Life Insurance Law
This section examines the legal aspects of life insurance, including the basic principles of contract law, the incontestable clause, assignments, ownership rights, creditors’ rights, the law of agency and its application to life insurance business, as well as the ethical issues facing today’s insurers.
Group Benefits & Health Insurance
This section analyses group employee benefits insurance, including the environment, insurance products, contract provisions, benefit design, risk management, marketing, underwriting, rate making, plan design and administration, claims design and renewal processes, and cafeteria plans.
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