ic-38 - irdai centralized agency databaseirdaonline.org/rticontent/ic 38 study material for...
TRANSCRIPT
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IC-38
( )
ACKNOWLEDGEMENT This course is based on revised syllabus prepared by Insurance Institute of India, Mumbai
- , . -46, (E), -400051
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( ) IC-38
2016
, . .
. .... . .
: . , -, , - , . -46, (E), -400 051.
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iii
. .
, , , . , , .
. , .
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iv
. .
1
1 2
2 30
3 60
4 75
5 94
2
6 116
7 132
8 I 159
9 II 184
10 204
11 216
12 244
13 - I 259
14 - - II 269
15 292
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v
16 319
3 17 337
18 361
19 390
20 451
21 495
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1
1
-
2
1
, , . , .
A. B. ? C. D. E.
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3
A.
. :
; ; ;
1:
, ?
.
i. , . , .
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4
ii. , , .
, .
., , , .
1.
. . . . . .
2.
( ) . , , , . (bottomry loans) . , , .
,
, , , .
.. 7 . .
-
5
(Rhodes) (Rhodes) . , 1 , ( ) .
. , , . , .
3.
. . , . .
, . . .
i. : . . . , , ( ) .
1
(Jettisoning) , , ( ) .
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6
ii. 1706 .
4.
a) : 1800 .
.
- .
. ( ) 1870 .
. 1906 , .
, .
1912 , . , 1912 , () ( ) . , , , .
1938. . .
b) : 1 1956 . () . 170 , 75 . 1956 1999 LIC .
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7
c) : 1972 (GIBNA) (- ) , (GIC), . , 106 GIC (subsidiaries) .
d) - (IRDA): , 1993 1994 .1997 (IRA) . & 1999 () , 2000 , & (), , ( ) .
5.
24 :
a) (LIC) .
b) 23 .
c) . .
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8
1
?
I. II. III. IV.
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9
B.
. ( ) . , , , .
, .
, , / .
2:
.
i. ?
ii. () ?
iii. , ?
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10
, , . . .
() , .
1.
a) , . .:
i. (physical) , ) ii. (non-physical) (goodwill) iii. (,, , )
b) . . (peril) .
c) (pooling) . ( ) . .
d) (peril) .
e) () , .
f) , () ( ) . ().
2.
, / , , , .
3:
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11
: 1. 2 .
a)
, , (, ) . , .
, . .
( ) , , .
(indirect losses) .
. . , .
b)
, , . , . , () , () .
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12
() (secondary burden) : , , . , .
:
i. , , , . . . , .
ii. , , . , . . , . ( ) .
, , . . .
2
(secondary burden) ?
I. II. III. IV.
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13
C.
. .
. . . :
1. (Risk avoidance)
. , () .
i. , .
ii. . .
. , . , , .
2. (Risk retention)
. , . .
, . .
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14
3. (reduction)
, . , , , / .
. (Loss Reduction) .
, , (frequency) / (sizes of losses) :
a) (Education and training) , , , .
, .
b) (Making Environmental changes)- . , , , , . , , .
c) , , .
, , , .
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d) (Separation), , , . , , .
, (loss of inventory) . , , .
4. ( )
( ) .
a) - , . , . () . , , .
b) , . . ( ) .
. .
Vs
( ), ( ) . . . .
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, ( ) . . . . . . . .
4: ()
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17
. , , .
.
3
?
I. (FD) II. III. IV.
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18
D.
, , . (expected loss). ( ) :
i. . ii. (impact) .
... . , ... ... .
5:
1.
, . . . , , . , []
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19
, .
a) : , ( ) .
? . .
b) : , , , (realistic) , .
(oil refinery) ? ?
c) : (probability, ) , (, impact) , .
, ?
4
?
I. II. () III.
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20
IV.
E.
. , . .
a) . , .
b) () , . . . . , , .
c) , , , , ... , , . , - . , , . , , , .
d) , , , , . , , , .
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21
e) () . .
f) , , , . , , .
g) , , , . 30 . .
h) ( .) ( ) ( ) , , .
a) . , . , . 1948 , , , , , . .
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22
b) () . (RKBY) . , .
c) .
d) , , . : , .
5
( ) () ?
I. II. III. IV.
.
.
. , :
(Asset) (Risk) (Peril),
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23
(Contract) (Insurer) (Insured)
.
, :
:
1. 2. () 3. 4. 5. 6. 7. 8. 9.
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24
-
1 II.
.
2 III.
, .
3 II.
.
4 I.
, , .
5 III.
. () . \
-
1 ________.
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I. ( ) II. III. IV. (mitigation )
2 _____.
I. II. (Loss prevention) III. IV.
3 ( ) , ___________ .
I. II. III. IV. , .
4 __________.
I. () II. III. (Rhodes) IV.
5 .
I. II. III.
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26
IV. ,
6 ?
I. II. III. IV.
7 .20, 000, 400 , 4 , .80, 000 . ?
I. .100/- II. .200/- III. .80/- IV. .400/-
8 ?
I. II. III. IV.
9 , . ?
I. II.
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27
III. IV.
10 ?
I. II. III. IV.
-
1 III.
.
2 II.
(loss prevention) .
3 IV.
, , .
4 II.
.
5
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28
IV.
() , , .
6 IV.
.
7 II.
. 200 .
8 I.
.
9 I.
.
10 II.
, / .
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2
. . . , .
A. B. C. D. E. F. : 1. 2. 3. 4. 5. 6. 7. 8.
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30
A. 1. ? . . . . .
. . . .
. , . , , .
. , .
. / . .
, . , , , .
, . .
. . . . 2. ( ) .
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31
? ? ( ) . :
a) : , .
. .
b) : , . , , .
c) : , , , . , .
d) : . , .
e) : , , . , , , , . . , .
3. , . . . . . ? . . , ? .
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. 1:
, . .
1 ? I. II. III. IV.
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33
B. . . . . . 1. . ( ) . . . . . , . . . .
.
.
. , . , . . , .
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34
. , , . . :
. . . . . . . . , . . :
? ?
. , , ? . . . , . . , , , . 2. . . 5 .
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35
. , . . , / . , . 3.
a)
5 . . .
b)
. . , . . . . . . . . , .
c)
. , .
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. , ... . . , . . . , . , .
4. . , . .
2 , . I. II. III. IV.
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C. 1. . ( ) . . . , :
.
. ; . . . . . . . ! / . / . . . (/) , . 5 . 20 ! 2. () () . , .
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. , . . , . : http://www.policyholder.gov.in/Integrated_Grievance_Management.aspx 3. , 1986
. , 2002 .
a)
:
. , , , , , , , , , , , , , . .
:
i. . . , .
ii. , .
, , , , , .
:
i. , ii. , iii. , iv. ,
http://www.policyholder.gov.in/Integrated_Grievance_Management.aspx
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, , , , , .
b) , . i. : .20 ,
, . / .
ii. : , , .
. .20 , .100 , , , , . .
iii. : . ,
. . .100 / . .
. c) . , . , . , . , . .
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40
d) , , . i. , ( ),
ii. ,
iii. iv. , , v. e) : i. ii. iii. iv. v.
4. , 1938 , 1998 11 1998 . , , , . , , . . , .
a) , , , .
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41
/ . . , . :
i. , :
,
ii.
iii. , . b) / :
i. ii. iii. 15 iv. . 15
.
. .
c)
: i. .20 ( ) ii. 3 . ,
. iii. . 15
. iv.
.
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42
3 , 1986 ? I. / II. III. , IV.
D. . , . . 1. , . . . . . ? . . . .
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43
1:
i. : . ( ) . , . . . . ? ii. :
. ? , . , ?
, . . , , . :
. . , .
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44
. . . , , . . 2. ? . . . . 1:
, , , ... . , . , , ... . , . .
-
45
1:
i. : ,
. , .
ii. . iii. ,
. , . . .
iv. .
, , . , - , , .
v.
. ( ) ( ) .
vi. : / /. ,
. . , . , . .
vii. : , , . . ,
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46
. , .
3. . () , , , , . .
4 ? I. II. III. IV.
E. .
( )
. ! , . , , . . :
i. . . .
ii. . . .
? ? , , , ?
-
47
iii. , . .
iv. , , ? , , ? ,
? v. .
. ? / ? ?
?
1. , , . , , . . . . .
a)
, , :
, ,
b)
. . . . :
,
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48
; , , ,
, :
,
, , . 2. , . . . . .
a) : . . :-
i.
. . . . :-
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( )
ii. :
. :
. . ,
, , , .
iii. :
. , , . . .
. .
, ,
, .
, , , ? , ?
iv. :
, . , , . . . / , , .
-
50
. . :
v. :
. , . , . :
, ,
vi. :
, / . . , / . () , , . , . , .
5 ? I. II. III. IV.
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F. 1. . . . . . . . . . . . , . . . . . . . . , . . ( 4 ). . , . . 2.
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:
a)
b) ,
c) ,
:
a) ,
b) .
c) ,
6 ? I.
II. III. IV.
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53
a)
.
b) , , , .
c) .
d) .
e) () . .
f) .
g) , , .
h) .
a) b) c) () d) , 1986 e) f) g) h) i)
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1 III.
. 2 III.
. . . 3 II.
, 1986 . 4 IV.
. 5 II.
. 6 III.
.
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55
1 _____________ . I. II. III. IV.
2 _______________ . I. II. III. IV.
3 _______________ . I. II. III. IV.
4 __________ I. II. III. IV.
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5 ............ . I. II. III. IV.
6 : I. II. III. IV. ,
7 .20 , ___________ . I. II. III. IV.
8 : I. II. III. IV. ,
9 : I. II. . III. . IV. .
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57
10 : I. II. , III. IV. , , ,
1 II. . 2 I. . 3 I. . 4 II. . 5 I. . 6 IV. , . 7 II.
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.20 , , . 8 IV. , , ( ) . 9 III. . 10 IV.
, , .
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3
. , , . . , .
( , turnaround times TAT) , (IRDA) . (IRDA) (Protection of Policyholders Interests Regulations), 2002 . (grievance redressal mechanism) . IRDA .
A. , (Ombudsman)
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A. , (Ombudsman)
1. Integrated Grievance Management System (IGMS)
(IGMS) (IRDA). .
. , . .
(Grievance redressal mechanism)
, IGMS . URL :
http://www.policyholder.gov.in/Integrated_Grievance_Management.aspx
2. , 1986The Consumer Protection Act, 1986
. () , 2002 .
:
(Service) , , , , , , , , , , , , , . .
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(Consumer) :
. . , .
, . .
(Defect) , , , , .
(Complaint) :
, , ,
,
, , ,
(Consumer dispute) , .
a) (Consumer disputes redressal agencies)
, .
i. (District Forum) . 20 ,
.
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62
/ .
ii. (State Commission)
, ( ), .
. . 20 , . 100 /,
, , . .
iii. ( National Commission)
. , ( )
. . . 100
/ .
.
.
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1: (Channels for grievance redressal)
b) (Procedure for filing a complaint)
. , , , . , . , . .
c) Consumer Forum Orders
, , .
vi. , ( ),
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64
vii. ,
viii. ix. , , x.
f)
:
vi. vii. viii. ix. x. ,
3. (The Insurance Ombudsman)
, 1938 (Redressal of Public Grievances Rules) 1998 11 (official gazette) 1998 . , , , .
, , .
.
.
a) (Complaint to the Ombudsman)
, , . /
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65
. . , .
:
iv. , : ,
v. vi. vii.
b) (Recommendations by the Ombudsman)
/ :
v. vi. vii. , 15 . viii. . 15
.
c) (Award)
(intermediation) , . .
:
v. .20 ( )
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66
vi. 3 . .
vii. . 15 .
viii. .
1
. 20 , ___________ .
V. VI. VII. VIII.
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(IGMS) (IRDA). .
, , .
, , , , (quantum of loss), .
, , .
(intermediation) , . . .
1. (Integrated Grievance Management System (IGMS) 2. (The Consumer Protection Act) 1986 3. 4. 5. 6.
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68
I
I.
. 20 , .
1 IGMS
I. II. III. IV.
2 . 20 100 , ___________ .
I. II. III. IV.
3 ?
I. MRP( ) II. III.
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IV.
4 ?
I. II. III. IV.
5 ?
I. (jurisdiction) II. III. IV. .
6 ?
I. II. III. IV.
7 ?
I. II. III. IV.
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70
8 ?
I. (Personal Lines .
II. 1 . III. IV. .20 .
9 / ?
I. .100 II. , III. 20% IV. 10%
10 ?
I. II. , . III. IV. -
1 III.
IGMS
2 II.
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. 20 100 , .
3 II.
.
4 III.
, .
5 IV.
.
6 I.
7 III.
.
8 III.
.
9 II.
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,
10 II.
, .
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1. 2. 3. HDFC 4. ICICI 5. ING 6. 7. 8. PNB 9. 10. SBI 11. AIA 12. 13. 14. 15. 16. Axa 17. 18. IDBI 19. HSBC 20. (Aegon Religare) 21. DLF (Pramerica) 22. - (Dai-ichi) 23. 24. (Edelweiss Tokio)
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4
2016 1 . . 1. :
1) "" , 1938 , 1938 4 .
2) .
3) , , .
4) " " , , .
5) 1999 (1999 41) 3 .
6) , , , .
7) . .
8) . / / .
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9) .
10) .
11) , 1938 2(29) . , .
12) 42 .
1. : 1)
-1 .
2) :- a) 1 ; b) ; c) 6 ; d) 7 ; e) , .
;
3) , , , , .
4) a)
. b)
.
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76
5) , 42 (3) , . . .
6) , , . .
7) . .
8) . 21 .
9) . . 15 , .
2. : 1)
, , 1 . .
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3. : 1)
, , . , .
2) . .
3) , .
4. : 42(3) .
5. .
1) :-
a) , --- i. .; ii. .
.; iii.
, ;
iv. , . ;
-
78
v. , ;
vi. ; vii. ,
;
viii. . ;
ix. ; ;
x. xi.
; xii. , ,
; xiii.
;
2) , ---- a. b. ; c.
; d. ,
/ / . e. ;
-
79
f. ; g. , , ,
; h.
; i. ,
; j. ,
; k. ;
3) , .;
4) , 1938 , . . , .
5) . ..
6. : 1) ,
.:- a. , 1938 (1938 4 ), ,
, 1999 (1999 4 ) , b. . c. 8 ,
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80
d. . e.
; f. ; g.
. h. / ; i. ; j. ,
; k. / /
. / .
7. : , ..
8. / . 1) ,
. a.
, .
b. , , / .
c. .
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81
d. . , .
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3) . , 1 .
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6) .
7) .
8) , , , .
9) , .
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5
, . .
B.
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84
A. ,
1.
a)
. , . .
b)
. .
. 1872 .
, - . 1872 .
1:
c)
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2:
:
i. , . , (proposer) . .
. . .
. .
. . , . . , . . ii. (Consideration)
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86
. , . iii. . , (consensus ad-idem) . , .
iv. (Free consent)
(free consent) .
()
, , .
v. . , , . , . vi. . , . . .
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87
i. - .
ii. (Undue influence) - , .
iii. (Fraud) - . .
iv. Mistake - leda . .
2. (Special features)
a) (Uberrima Fides) (Utmost Good Faith)
. . .
(good faith) , (utmost good faith) . . , . (legal) , , .
(Caveat Emptor) . . .
. , , (avoid) .
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88
(Utmost Good Faith): .. . . , (proposer) . .
(material ) .
( ) . , , . . . . , . . . . .
, . , . , .
:
? ? ?
(material facts) , . .
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89
:
i. : , , , , , , , , .
ii. (Fire): , , , , .
iii. (Marine) : , . iv. (Motor) : , , .
. , (good faith) (utmost good faith) .
, , , , , " " .
, . .
. . , .
, , , , . ,
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(misrepresentation) , .
.
, . . . . , . . 4 ( , ) . .
b) (Material facts)
, , (Material fact) .
, . .
: i.
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91
( ) ;
ii. ,
iii. . , . . .
. .
(Material Facts that need not be disclosed)
, :
i. : ii. : , . . . iii. . . iv. (Matters of law) . :
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92
v. ( )
( ).
?
, () . , .
() . , . .. .
(lapsed condition) , , , .
Breach of Utmost Good Faith
. (non-disclosure) (misrepresentation) .
Non-Disclosure: , , . , [ ] . .
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93
, . .
Misrepresentation: ( ) (representation) . (definite statement of fact) , . , . (belief) (expectation) , (good faith) .
(Misrepresentation) :
i. (Innocent Misrepresentation) .
ii. (Fraudulent Misrepresentation) , , .
, , , .
c) Insurable interest
. . (gambling or wager agreement), .
i. -
. , . , . , . , . . , , .
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, . . , , . . , . ( ) . [ ] .
, , .
.
, (insurable interest) . , . .
. . 15 . :
, ? ? ?
, , . :
? , ? ?
?
, .
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95
. .
(financial interest) . , . (in the strictest sense) , , .
3:
ii. (Time when insurable interest should be present)
. , , .
d) (Proximate Cause)
, (proximate cause).
. . .
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96
(peril) , . , . , .
, , . .
(remote) . . .
(Proximate cause) , . . , , ,
? , , . , . . , , . .
(Adhesion)
, , , (greater bargaining advantage) . .
, - (free-look) . , , 15 .
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97
. , .
1
?
I. II. III. IV.
2
?
I. II. III. IV.
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98
.
.
:
i. ii. , iii. Consensus ad-idem, iv. (Free consent) v. vi.
:
i. (Uberrima fides) ii. (Insurable interest) iii. (Proximate cause)
1. 2. (Lawful consideration) 3. (Consensus ad idem) 4. Uberrima fides 5. Material facts 6. (Insurable interest) 7. (Proximate cause)
-
99
-
1 II.
.
2 III.
. .
1 ?
I. II. III. IV.
2 _____________ .
I. II. () III. IV.
3 ________________ .
-
100
I. II. III. IV.
4 ?
I. , II. . III. , 1872 ( )
IV.
5 ?
I. II. III. IV.
6 ?
I. II. III. IV.
7 ?
I.
-
101
II. III. IV.
8 ?
I. II. III. IV.
9 ?
I. II. III. IV.
10 (proximate cause) ?
. . . . .
I. II. III. IV.
-
102
-
1 II.
(consideration).
2 I.
.
3 III.
.
4 III.
, 1872 , ( ) .
5 III.
.
6 II.
.
7 III.
-
103
8 III.
,
9 I.
.
10 III.
.
-
104
2
-
105
6
.
(The principle of pooling)
() . .
A. , , ()
-
106
A. , ( )
1. (HLV)
, , (return) . (monetary terms) . (loss of ) .
. .. 50,000 . .
?
50,000 ? . 5,00,000 ?
. . .
, , (measure) . (HLV) .
HLV . . (Net earnings) . . , .
HLV (thumb rule) . , , .
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107
. 1,20,000 . . 24,000
, . 96,000 .
8% ,(0.08 ).
HLV = 96000 / 0.08 = .. 12,00,000
HLV . (HLV) .
, 10 15 . , . 1.2 , . 2 . , .
2.
, , . . .
1:
-
108
. (fire), , , , . , (goodwill) . .
. .
.
a) ?
: .
, , , . . , . . .
(Uncertainty): ()
, . .
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109
. , .
. .
(ncrease in probability) : , , .
.
b)
, , . , , , . . . ( ) .
3.
.
. . . (deficit) (compensate) .
.
-
110
2:
, 10, 20 . , .
. . . . , .
a) (Components)
.
i. , ( protection) . (portion) .
ii. , . . .
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111
, , . , .
4.
. , . , , () . , (safeguards) . .
( ) . (Diversification) .
() ( ).
, ( ).
.
.
-
112
3:
( .)
.
i. . () .
ii. . , . , . . , , (a uniform bonus) , , .
-
113
5.
4:
. . . .
, . . , .
, . , , , . ( ) . , .
( ) , . , ,
-
114
. : , .
. (difference) . , ( ) () (instruments) .
, , .
a)
i. , . , , .
ii. ( ) . .
iii. .
iv. . , .
v. .
vi. ..
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115
b)
i. () (corrode effect) .
ii. (initial costs), .
iii. (instruments) () . , .
1
?
I. (sources) , II. III. IV.
-
116
a) .
b) HLV . , .
c) . . .
d) , .
e) (stringent regulation) , (strict supervision) .
1. 2. 3. 4. 5.
-
117
-
I
II.
.
-
1 ?
I. II. III. IV.
2 HLV ?
I. . II. III. . IV.
3 ?
I. II. III. IV.
4
-
118
?
I. II. III. IV.
5 ?
I. II. III. , IV.
6 ?
I. II. III. IV.
7 ?
I. II. (Proposition) III. IV.
8 ?
-
119
I. II. III. ( ) IV.
9 ?
I. II. III. IV.
10 ?
I. (corrode effect) . II. III. IV.
-
1 IV.
, , , .
.
2 III.
. (HLV) .
3
-
120
I.
( ) .
4 III.
, .
5 III.
. .
6 II.
, .
7 III.
.
8 III.
( ) , .
9 III.
.
10 IV.
.
-
121
7
. . , , . . .
A. , B. C. -
-
122
A. ,
1. ?
. ? . :
i. . , .
ii. . , , . (net worth), , , .
iii. , .
iv. , , . , , , .
. , , .
-
123
1: (Types of Goals)
i. : LCD TV ii. : iii. :
2.
. . , , , , , , , ...
.
2:
-
124
a) (20 -25 ) : , (productive citizen) . . . , (MBA)
b) (25 ): . , . . , , . , ,
c) ( 28 - 30): . , , , , , (consumer durables), .
d) (28 35 ): , . . ; , .
e) (Provider) (35 55 ): ( ) . . , (), ( ) . ,
-
125
. . , . , .
f) (Empty Nester) (55 65 ): . ( ) . . . , [ , ] , . BP, (degenerative ailments) , . , .
g) (the twilight years) (60 ) : . , . , . , , . . , ... , . , .
-
126
,
. . , .
18 25 , . 35 40 . , . , .
, , , , .
3. ?
, , ( ) . .
. , . . , . , , , . , .
-
127
.
i. (Postponement of consumption): , .
ii. (Parting with liquidity( ) (liquid assets) . , , (exchanging money).
. . , , .
, .
, ,
,
,
,
,
. . .
/
, , ,
-
128
. .
, , , .
4.
, . .
a) (Enabling future transactions)
() . :
i. (Specific transaction needs): . , / ; (consumer durables)
ii. : , .
b) (Meeting contingencies)
(Contingencies) , . . , . . , . ,
-
129
. ( ) .
c) (Wealth accumulation)
, . , , . , .
, . , . , , , , .
5.
:
( , ) .
.
, . , .
. . , :
i.
-
130
ii. iii.
6. -
, , , , , .
, , . , , , .
, , . () . .
. .
3: -
-
131
1 , ?
I. II. (FD) (Transactional) III. IV.
B.
1.
, , , . , , .
:
, , , , ,
, 360 ().
-
132
4:
2.
( ) . . . (options) . , . , , . ( ) . .:
i. (Disintegration of the joint family)
, (nuclear family) . , ,
-
133
, . . , .
ii. (Multiple) (choices)
. , . , , , . .
iii. (styles)
(Instant gratification) . , , , . . , . , , .
iv.
() , . . . . . . , .
v. , (Other contingencies and needs)
-
134
, , . , , . , .
, , , . , , , . .
3. ?
? , . , .
, .
, . . , . . , , . , .
2
?
I. II.
-
135
III. IV.
C. -
.
5: (Advisory Services)
. .
1.
.
i. , , () , , .
-
136
ii. , (systematically) , (surplus) .
, . , . . , , .
, , . , (regular) , . . ( ) , . . (variable) .
, , . , .
( ) (discretionary) ( ) .
.
(consolidate), .
.
2.
. .
-
137
() , , .
i. , , , .
ii. , .
iii. , // , (type), (quantum) .
3.
. . , , .
a) ( )
6:
-
138
. :
i. (tolerance): .
ii. (Time horizon): . (vehicles) . , ( ) (liability) . ( ) , .
iii. (Liquidity): , (liquidity) .
-
139
iv. ( ) : .
v. : , .
vi. (considerations): . .
b)
. , .
. . :
/ ( )
4.
. () .
7:
-
140
.
a) (Accumulation): , .
b) (Conservation): , (principal) .
c) (Distribution): ( ) / .
5.
. , (assignment) . , , , / .
6.
, , . () . , .
, , , . .
, ( ) ,
-
141
. , , .
3
?
I. (Maximum) ( ) II. III. IV.
:
. :
. , .
:
-
142
, , , ,
1. 2. 3. ( ) 4. (Cash ) 5. 6. 7. ( ) 8. 9.
-
143
-
1 I.
.
2 II.
.
3 III.
.
1 _______ .
I. (Consolidation) II. (Gifting) III. (Accumulation) IV. (Spending)
2 ?
I. II. III. IV.
3
-
144
. .
I. II. , III. IV.
4 ?
I. (Post ) II. (Earner) III. (Learner) IV. (Just married)
5 , ?
I. II. III. IV.
6 ?
I. II. III. IV.
7 ?
-
145
I. II. III. IV.
8 (wealth accumulation) ?
I. II. III. IV.
9 __________. I. ( ) II. III. (Stagflation) IV.
10 (discretionary) ?
I. (Debt restructuring) II. III. IV. (purchase)
-
146
-
1 III.
.
2 II.
.
3 IV.
, , .
4 I.
.
5 II.
.
6 I.
.
7 II.
.
8 IV.
-
147
.
9 II.
.
10 IV.
(discretionary) .
-
148
8 I
. . , . .
A. B.
-
149
A.
1. ?
. . ' ' () ' ' () ' ' . , , .
, . . (standpoint) . .
( ) , , . (commodity) . , , ( ) .
, , . (features) . .
. . . , . , .
:
i. (Tangible): . . (, )
-
150
ii. (Intangible): . .
(intangible) . , , .
2. ,
. , , , , . , .
. , . - - . , . , . .
, . , .
, . , , , , , , . () .
-
151
, , . , . , , .
. . . . , , , , (multiple) (choices) .
, (value proposition) . .
? ? ? ?
. . . . , (disability benefits), (dread disease) , .
(participating in profit) . , . , , , ,
-
152
( ) .
3.
. .
. . ( ) .
. . . .
1:
, , ( ) . , .
-
153
1
( ) ?
I. II. III. IV.
B.
.
2:
1.
. (airplane trip) . .
-
154
(Protection) 65 70 . , . ( ) (cost) . .
a) (Purpose)
, . (human life value) .
(income replacement plan) . , (lump-sum amount) , .
b) (Disability)
. , , , , / . , , .
3:
-
155
c)
. .
( ) , .
d) (Renewability)
. () (option) ; , , ..
e) (Convertibility)
(insurability) . , . , .
f) (USP)
(unique selling proposition) . (relatively) . , , .
g) (Variants)
-
156
(Variants) .
4:
i. :
, ( ) . , , . 1,00,000 . . 10,000 , , . .
,
(Mortgage redemption): . ( ) . , (EMI) (principal) . (principal) . () . .
-
157
. , . . , . , . , (lender) (creditor) .
ii.
. . . (cost of living index) . , .
iii.
. . . / . , , .
h) (Relevant scenarios)
:
i.
ii. , , ,
-
158
. , .
iii. , . .
i) (Considerations)
. . .
, ( ) . .
-
159
. , . . 65 70 . . .
2. (Whole life Insurance)
. () () . . , . , . . . .
, . . , . - (cash-value) . , .
, ( ) , .
.
-
160
, . / , . , (cash value) .
, (Whole Life Insurance) . , , .
3.
:
, () ()
, .
, . , ( ) , () () . , .
, , (cash value contracts) . . .
, . , . , (compulsory) .
-
161
, . (semi-compulsory) ( ) .
15 , . , . .
() . , , (principal) .
(thrift savings) . // , .
.
MWPA (Married Womens Property Act) - (beneficiary) . (creditors) .
, 55-65 . / , , .
a) (Variants)
.
i.
-
162
. . ( ) ( ) . .
20 (survival benefit) 5, 10, 15 ( ) 20% . ( ) 40% 20 .
() 18 , (face value) 60% , , , .
(liquidity) , (cash back) . (short term), (medium term) . (term) .
ii. (Par) (non-par)
(Par) . - (Non Par) . .
, (tight regulatory supervision) . (growth) (guaranteed) , (surpluses) .
-
163
(linked platform) (non-linked platform) . , . () , () . .
2% . , 40% .
- (IRDA) , , .
(regular) , , ( ) . , . ( ) , .
iii. Par
, . . . . (, 70 ). ( , ) .
-
164
, . . .
. , .
(Dividend method of profit participation)
USA . .
i. (Portfolio Method) . (return) (divisible surplus) . () . . . (analogous) .
ii. (Current Money Method) . . . . .
( ) . .
-
165
, ( ) .
. . , . .
. , (larger slice of the benefits) . .
, . , (daily fluctuations) .
, ( ), , ( ) . , .
, . (overall) .
(IRDA)
, .
a) (traditional products) .
-
166
i. 45 125% 45 110% .
ii. 45 10 , 45 .
b) , .
c) , , , / , .
d) ( , variants) . , (participating), (non-participating) .
i. , . . . .
ii. (non-participating) .
2
, _____________.
I. II. III. IV. (Substantially higher)
-
167
. .
, , .
.
(USP) .
. () . .
. - . .
1. 2. 3. 4. 5. (Par) (non-par) 6.
-
168
-
1 III.
(intangible) .
2 I.
.
-
1 , ___________ .
I. II. III. (Whole) IV.
2 ________ , ________.
I. , II. , III. , IV. ,
3 ?
-
169
I. (renewability)
II. III. ,
. IV. (
4 ____________ .
I. II. III. IV.
5 __________ .
I. () II. (Mortgage) III. FD IV.
6 ?
I. (rebates) II. (avenue) III.
. IV.
-
170
7 ?
I. () II. , III. , IV.
8 ?
I. II. III. . IV. .
9 ?
I. II. (survival) III. . IV. .
10 ?
I. (Mortgage Redemption)
II.
III.
IV. (Whole Life Policy)
-
171
-
1 II.
, .
2 I.
, .
3 III.
- , .
4 III.
, .
5 I.
.
6 III.
.
7 III.
-
172
, .
8 II.
.
9 III.
, .
10 III.
.
-
173
9 II
(non-traditional) . . . , .
A. B.
-
174
A.
1. , (Purpose and need)
, . . , .
, , , (inter-temporal allocation of resources).
i. . (effective) .
ii. (Efficient allocation) . , .
, . . . , , .
2.
:
a) (Cash value component): , . (actuarial reserve) .
-
175
, , . .
b) ( ): , . " " , . , . .
c) (Surrender value): : , ( ) (cash and surrender values), ( - ( ) . . .
d) (Yield): . , (yields)() .
3. (shifts)
, . :
a) (Unbundling)
(protection) . , . , . ,
-
176
, , .
b) (Investment linkage)
. (index) (benefits) . . . : (high competitive rate of yield), .
c) (Transparency)
() , ( ) . , .
d) (Non-standard )
. . , , .
, ()
4. (The appeal Needs met)
:
-
177
a) (Direct linkage with the investment gains): , , . , , , , . , (high value) .
b) (Inflation beating returns): (yield) . . , 30 . , 100 . 300 . . , . .
c) (Flexibility): . , , . . . .
d) (Surrender value): , (. ) . ()
-
178
, .
. , . , " " .
, . (long periods) .
1
? I. (Term assurance) II. III. IV. ( )
B.
1. (Some non-traditional )
, .
a) (Universal life)
1979 , .
-
179
(IRDA) 2010 , (VIP) ..
(About Universal Life)
, , , ( ) . . , , .
, . . (mortality charges), .
(flexibility) . , .
(Flexibility of strechur ) .. , . .
, .
-
180
. , , , . , .
. (lapse), .
1:
, :
( ) ( )
i. ( )
, .
1977 . " " . . , ,
-
181
. (cash value) , .
. . . , (general investment account) . (portfolio) . .
, (separate ) . , (segregated) .
, .
, . , . . ( ), . . , , (investment factor).
, . , , . , / , ,
-
182
. , . . .
ii. (Unit linked )
, ULIPs , . , . , , .
( ) . . (valuation actuary) , (assets), (liabilities) ( ) () .
(valuation process) . (underlying) . () , , , ( ) .
, , .
(basic logic) . , , .
-
183
. , , . .
. , .
, , . , ( . .
, , , . (conventional cash value contracts) . , . (), , . , , . , , .
2: - break-up)
-
184
, , . (index of performance) .
, . , , (net asset value (NAV) . .
, , .
, . . , , . , . . .
, .
, , .
, .
, , . .
-
185
, . , , . , . , , .
. , . . . , (mortality), (expense risk) .
, , , . (regular intervals) . . , (higher and lower) . . (UK ) . . , .
. , .
-
186
2
?
I. II. III. IV.
-
187
, , (competitive) .
, , (transparency) .
, , , .
. .
, .
, .
1. 2. (Variable) 3. 4. (Net asset value)
-
188
1 II.
.
2 I.
(Variable) .
(Variable) .
1 (inter-temporal allocation) ?
I. II. III. IV. (Diversification)
2 ?
I. II. , (visible) III. IV.
3 ?
I.
-
189
II. III. IV.
4 ?
I. II. , III. , IV.
5 ULIP ?
I. (formula) II. III. (ULIPs) (), ,
. IV.
6 :
I. II. III. IV.
7 (universal ) ?
I: II:
-
190
I. I II. II III. I II IV. I II
8 :
I. II. (guarantee) III.
. IV.
9 , ?
I:
II:
I. I II. II III. I II IV. I II
10 ?
I. II. III. IV.
-
191
1 II.
.
2 IV.
.
3 I.
.
4 III.
, .
5 III.
.
6 I.
, .
7 III.
. . .
-
192
8 II.
.
9 III.
, .
10 IV.
, .
-
193
10
. . ; . , . .
A.
-
194
A.
1. (Married Womens Property Act)
/ . , . .
, 1874, 6 . (Married Womens Property), 1874, 6 .
1: MWP (Beneficiaries)
. , ,
a) MWP
i. (separate Trust). (18 ) .
-
195
ii. , , . iii. . iv. ,
. v. ,
, .
b) (Benefits)
, , . , . , , , , .
. . , , , .
2. (Key man insurance)
(Keyman) .
-
196
, .
, . . , ( ) , . . , . .
. , , , . , , .
( ) ( ), ( ) .
. , (profitability) . . , . , . , .
. ,
-
197
. , , .
a) ( ) ?
, , . , , , , , , .
b) (Insurable losses)
( ) :
i. (extended) , , , , (replacement) , .
ii. . , , , , .
3. (MRI)
. , .
a) MRI ?
. (mortgagor) / . . , .
-
198
b) (Features)
. .
1
?
I. II. III. IV. (Evade eviction in case of default)
-
199
, 1874, 6 .
MWP , , .
. , .
(mortgagor) / .
1. 2. 3. () ( )
-
200
1 II.
MRI .
1 ?
I. II. (Business profitability) III. IV. (Inflation index)
2 ( ) (MRI) . ________.
I. II. III. IV.
3 ?
I. (Property theft) II. III. (liability) IV.
-
201
4 MWP . () , _____________ .
I. II. (Official Trustee of the State) III. IV.
5 . , . ?
I. II. III. MWP 6 IV.
6 MWP ?
I:
II:
I. I II. II III. I II IV. I II
7 MWP ?
-
202
I: .
II: .
I. I II. II III. I II IV. I II
8 . (compensation) ?
I:
II:
I. I II. II III. I II IV. I II
9 , _____________ .
I. II. (Mortgage) III. (Usury) IV. (Hypothecation)
10 ?
I. II. (Disability)
-
203
III. ( ) IV.
1 II.
2 II.
( ) (MRI) .
3 II.
4 II.
() , .
5 III.
MWP 6
6 II.
-
204
.
7 II.
.
8 II.
(compensation) .
9 II.
, () .
10 III.
( ) .
-
205
11
, . , (surplus) .
A. - B.
-
206
A.
1. . ( ) . . .
1:
( ) " " . . , .
. 4,800 , . 4,800 .
. .
-
207
. (investment oriented) .
2. (Rebates)
. :
(For sum assured) (For mode of premium)
a) (Rebate for sum assured)
. . . . 50,000 , .5,00,000 . . , .
b)
. , , . , . () , . , . , . , (), , . () , . , , () .
-
208
3. (Extra charges)
. ( ) . .
, , , . . . .
, .
(DAB) . ( ). .
(Permanent Disability Benefit (PDB) .
4.
. ( , actuary) . , :
(Mortality) (Interest) (Expenses of management) (Reserves)
-
209
(Bonus loading)
2: (Components)
. .
a) (Mortality and Interest)
. . .
35 0.0035 , 35 1000 , 3.5 ( 10,000 35) 35 36 .
. , 35 0.0035 0.0035 x 1000 ( ) = . 3.50 .
-
210
. .
, 35 55 , . (future liabilities) . , .
. . , , .
.
. 5 , 6% , . 5 5 x 1/ (1.06)5 = 3.74 .
6% 10% , 3.10 . , , .
, , ,
, ,
, , .
-
211
. .
(Net)
. , . .
(Gross)
3:
(net) . (considerations) :
i. (Adequacy)
. . .
ii. (Equity)
, , , , (equitably) . , , . , () .
-
212
iii. (Competitiveness)
(gross) . , . .
b) (Expenses and reserves)
:
(Agents training and recruitment) (Commissions of agents) (Office accommodation) (Office stationery) (Electricity charges)
. .
:
i. , (New Business Expenses) . .
ii. , (Renewal Expenses) . .
. . .
-
213
. (business strain) . . , , . , (gestation period) .
, .
i. , / (incentives) , .
ii. , , . .
iii. . . . , .
,
i.
ii. , 1000 ( , face amount)
iii. (constant amount)
(Lapses and contingencies)
-
214
, .
, .
. . , . .
. . . .
, . ( contingency) .
i. , . , ( ) .
ii. , .
.
i. , , (ULIPs) , .
ii. , . .
-
215
iii. , . . , .
c)
( ) .
, ( ) (uncertainty). . . , . , , . ...
(Bonus Loading) , . . , (capital adequacy) .
:
(Gross ) = (Net ) + (Loading for expenses) + (Loading for contingencies) + (Bonus loading)
(GP) K , (NP) gross .
GP = NP + K (GP)
, . 380. ( loading factor) K 50% , (gross) . 760 .
-
216
1 ( ) ?
I. II. III. IV.
B.
1. (Determination of surplus and bonus)
, (its assets and liabilities) , . :
i. . ,
ii. (surplus) /
(Surplus) , , . (strain) .
() (firm) (profit) .
. (excess of income over outgo) . (profit and loss account) . (excess of assets over liabilities) .
-
217
. , (ex-post approach) .
XYZ 31 2013 .
, .
(liabilities), (assets) ?
,
(Surplus) = (Assets) (Liabilities)
(liabilities) , ( ) .
4: (Ways of Valuing Assets)
-
218
.
i. (At Book Value)
.
ii. (At Market Value)
.
iii. (Discounted Present Value)
, .
. , . (liabilities) ( ), , , (persistency) . (profits), , (surplus) .
, (assets and liabilities) .
i. (conservative) , (liabilities) , . , . . . , . (higher provisions) . .
ii. , , , . .
-
219
, , .
2. (Allocating the surplus)
, , . (, ) , .
, ( ) , , . (retained earnings) . .
.
a) (Solvency requirements)
, , , . , , (solvency margin) .
b) (Free assets)
( ) , . . , . . .
-
220
i. , . .
ii. , . .
, ( , ) . . . , , .
3. (Bonus)
. . , , . 60 ( 60%) .
(reversionary bonus). , .
. . (liabilities) . . , .
. , ( 5 ) .
-
221
(Types of reversionary bonuses)
5:
i. (Simple Reversionary Bonus)
. , .
ii. (Compound Bonus)
. . 8 .
iii. (Terminal Bonus)
, ( ) . ( ) . 2013 2013-14 .
-
222
, . , , . 25 15 .
, (unrealised gains) (UK) . (one off) , . .
4. (Contribution Method)
(Contribution) . , . (excess interest), (mortality savings), , (savings).
( ), , , , .
.
i. .
ii. , (reduction)
iii. (non-forfeitable) (paid up additions) .
iv. , . .
5. (Unit Linked Policies)
-
223
, (With Profit) , . . , (assets and liabilities) . , .
. . .
, (set of principles) .
a) (Unitising)
(benefits) , . .
b) (Transparent)
. , . (pre-determined index of performance) .
. , . , .
c) (Pricing)
-
224
, . . . , , , . , , .
/ . , . . , .
i. , (policy allocation charge (PAC) , , , (administrative costs) (statutory levies) .
ii. , . iii.
.
(ULIP) PAC . , . (ULIPs) . , . , , . , .
d)
, , . , . ,
-
225
, , . , / . ( ) .
2
?
I. II. III. ( ) IV.
, , .
-
226
(mortality), (interests), (expense management ) (reserves) .
(Gross) .
(lapse) . , , (cash value) .
(Surplus) (life ) .
(solvency requirements) , (Surplus allocation) .
.
1. 2. (Rebate) 3. 4. (Surplus) 5. (Reserve) 6. (Loading) 7.
1 II.
-
227
(policy lapse) .
2 II.
.
1 ?
I. II. III. IV.
2 ?
I. (Mortality) II. III. IV.
3 (policy withdrawal) ?
I. (Discontinuation) II. (acquired) III. (upgrade) IV. (downgrade)
4 (surplus) ?
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228
I. (Excessive liabilities) II. III. IV.
5 ?
I. II. III. (Mortality) IV.
6 ___________ .
I. II. III. IV. (, , )
7 . ?
I. II. III. IV.
8 ?
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229
I. 3 : a) b) 1000 c)
II. 3 : a) b) 1000 c)
III. 3 : a) b) 1000 c)
IV. 3 : a) b) 1000 c) .
9 __________ .
I. (Discounted future value) II. (Discounted present value) III. IV. (book value )
10 __________ , , .
I. II. III. IV.
1 II.
.
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230
2 II.
.
3 II.
(acquired) .
4 IV.
.
5 IV.
, , (Mortality) .
6 I.
.
7 III.
.
8 II.
3 : a) b) 1000 c) .
9
-
231
IV.
.
10 II.
, , .
-
232
12
, . , . , , .
i. ii. iii. iv. v. vi. vii. (KYC)
A.
-
233
A.
1.
.
.
:
i. ,
ii. ,
iii. ()
iv.
v. ,
.
2.
, . , , . . . , .
-
234
... ( ) , 2002 .:
, , , , , , .
, , .
... , . , , , , , ... .
... ( ), 2013 ... . ... , , . , , , .
3.
. , , . , , , , .
4.
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235
, . , , , , . , . . , . , , , . .
5.
, . , . , , . .
. .
. . .
-
236
. , .
, . , . . , , , , , .
6.
. , . . . .
.
a)
:
i. ii. iii. iv. v. vi. vii. viii. ix.
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237
b)
, .