Policy Servicing and Premium Calculation of Insurance PowerPoint Presentation

Policy Servicing

New Business

Issuing a New Life Policy to a client is known as known as New Business. The following are the tasks to be carried out.

• Proposal 
• Underwriting
• Premium Calculation
• Policy Issue

Proposal

The proposal is the beginning of the New Business. The client who is getting insured will submit the proposal to the Agent or to the Life office. The proposal has the following information 

• Proposal details

Life cycle of a Insurance policy PowerPoint Presentation

Life cycle of a Insurance policy

The duration from the purchase of a policy to its maturity is called the life of a policy. A policy passes through various stages of growth or changes before it finally matures or closed.

Purchase of Policy

A life assurance policy can be purchased through

• Life Office
• Insurance Broker
• Independent Insurance Agents
• Banks and Building societies
• Direct Salesman

The new life assurance proposals are usually termed as New Business by       the Insurance Company.

Types of Life Assurance Policies - Insurance PowerPoint Presentation

Types of Life Assurance Policies

• Term assurance 
• Basics of Investment linked policies
• With profits policy
• Unit Linked Policy

Types of Life Assurance Policies

Life Assurance policies can be broadly classified into Term, Whole of Life and Endowment Assurance.

Term assurance 

In this case the life is assured for a fixed term. The Sum Assured is paid if death occurs within the term. However, on survival of the term no benefit is payable to the insured. Normally premiums will be low compared to other types as there are no benefits on survival.