Heart Structure and Blood Flow
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Questions and Answers

What is the main function of the heart?

  • To pump blood throughout the body (correct)
  • To filter waste from the blood
  • To regulate body temperature
  • To produce hormones

    • Which of the following valves is located between the right ventricle and the lungs?

  • Mitral valve
  • Aortic valve
  • Tricuspid valve
  • Pulmonary valve (correct)

    • How much blood does the heart pump per day?

  • 5,000 gallons
  • 1,000 gallons
  • 10,000 gallons
  • 2,000 gallons (correct)

    • Which of the following chambers receives oxygenated blood from the lungs?

    <p>Left atrium</p> Signup and view all the answers

    What is the purpose of the heart valves?

    <p>To ensure blood flows in one direction</p> Signup and view all the answers

    How many times does the heart beat per day?

    <p>100,000 times</p> Signup and view all the answers

    Which of the following is responsible for regulating heart rate?

    <p>Autonomic nervous system</p> Signup and view all the answers

    What is the highest blood pressure found in the circulatory system?

    <p>In the aorta</p> Signup and view all the answers

    What are unit linked products?

    <p>Combination of insurance and investment</p> Signup and view all the answers

    What are some examples of charges in Unit Linked Products?

    <p>Premium Allocation Charge, Mortality Charge, Fund Management Charge, Policy Administrative Charge, Fund Switching Charges</p> Signup and view all the answers

    What types of contracts can accumulating with-profit policies be thought of as?

    <p>Conventional with profit policy</p> Signup and view all the answers

    An annuity payable for a certain period and thereafter during the life time of the annuitant is called an annuity certain.

    <p>True</p> Signup and view all the answers

    What is the provision made as a small addition to the net premium calculated on the basis of a selected table of mortality?

    <p>Mortality loading</p> Signup and view all the answers

    How does the premium increase range when the interest rate decreases by 1% during the interest band of 4% to 8%?

    <p>19% to 23%</p> Signup and view all the answers

    An Insurer usually employs salaried staff to approach the public and canvass them for insurance.

    <p>True</p> Signup and view all the answers

    Bonuses are generally declared as additions to sum assured for each year’s premium paid. They form an increasing assurance of _$ per year.

    <p>b</p> Signup and view all the answers

    What are the basic customer needs met by Life insurance contracts?

    <p>Protection and savings</p> Signup and view all the answers

    What does a term assurance policy provide on the death of the insured during the term?

    <p>Lump sum benefit payment</p> Signup and view all the answers

    Term assurance policies usually provide maturity benefits upon survival of the life insured till the end of the specified term.

    <p>False</p> Signup and view all the answers

    What is the basic idea behind a whole life policy?

    <p>Provide a lump sum benefit payment on the death of the insured at any time during their lifetime.</p> Signup and view all the answers

    Pure endowment policies provide a lump sum benefit payment on the ______ of the insured till the date of maturity of the policy.

    <p>survival</p> Signup and view all the answers

    What contributes to the profitability of an insurer based on the provided text?

    <p>Mortality experience</p> Signup and view all the answers

    What is the purpose of margins in premiums for an insurer?

    <p>Meet other contingencies that may adversely affect the financial position of the Insurer.</p> Signup and view all the answers

    Premiums are said to be adequate if actual experience closely follows the assumptions made during their calculation.

    <p>True</p> Signup and view all the answers

    Premiums calculated with select rates of mortality during periods when selection is supposed to exist and thereafter with ultimate rates are known as select __________ rates.

    <p>premium</p> Signup and view all the answers

    In which of the following cases does the value of the sum assured decrease with the term?

    <p>Temporary Assurance</p> Signup and view all the answers

    The value of future premiums decreases as the duration increases in an Endowment Assurance Policy.

    <p>False</p> Signup and view all the answers

    What is the formula for the Retrospective Policy Value at the end of t years according to the provided content?

    <p>Px.a x : t - A1x : t / Dx</p> Signup and view all the answers

    What is the policy value known as, which is the difference between the value of benefits payable and value of future premiums receivable at a given point in time?

    <p>Policy reserve</p> Signup and view all the answers

    According to the content, what does the retrospective policy value represent?

    <p>Balance from past premiums</p> Signup and view all the answers

    Policy values are denoted symbolically with the term tV representing the value at the end of t years, where 't' indicates the time elapsed after policy issue and 'V' stands for ______.

    <p>value</p> Signup and view all the answers

    True or False: Policy value for an individual policyholder is the same as the premiums received with interest.

    <p>False</p> Signup and view all the answers

    What is the annual premium denoted by P in the given expressions for prospective policy value and retrospective policy value?

    <p>P.a 25 : 15 = A 25 : 30</p> Signup and view all the answers

    Provide the expression for the prospective policy value at the end of 5 years under an Endowment Assurance Policy.

    <p>5000 A30 : 25 - P.a 30 : 10</p> Signup and view all the answers

    Match the following terms with their meanings: Ax, Dx, Px, IA, Mx

    <p>Ax = Annual premium Dx = Total premiums paid Px = Net premium IA = Sum assured Mx = Policy value</p> Signup and view all the answers

    Surrender values are not usually granted for temporary assurances.

    <p>False</p> Signup and view all the answers

    A paid-up life assurance policy is a policy free from future ____________.

    <p>premiums</p> Signup and view all the answers

    Calculate the office annual premium for a With Profit Whole Life Assurance by providing a bonus loading of `25‰ per annum. The solution is provided in the content.

    <p>`538.73</p> Signup and view all the answers

    Calculate the office annual premium for an Endowment Assurance for `15,000 to a person aged 35 for 25 years. Provide for first year expenses at 50% of premiums and 15‰ Sum Assured; and renewal expenses of 5% of premiums and 6‰ Sum Assured. The solution is provided in the content.

    <p>`421.20</p> Signup and view all the answers

    Calculate the office single premium for an Immediate Annuity of `3600 per annum payable monthly for 10 years certain and thereafter for life to a person aged 55. The solution is provided in the content.

    <p>`40319.81</p> Signup and view all the answers

    Calculate the office annual premium under a With Profit Endowment Assurance for `80,000 to a person aged 35 for a term of 25 years. First year expenses at 60% of premium and 16 per thousand Sum Assured; renewal expenses of 6% of premiums and 5 per thousand Sum Assured; bonus loading of 25 per thousand Sum Assured per year. The solution is provided in the content.

    <p>`503.72</p> Signup and view all the answers

    Calculate the office annual premium under a Whole Life Assurance for `180,000 to a person aged 37. First year expenses at 45% of premium and 16 per thousand Sum Assured; renewal expenses of 6% of premiums and 4 per thousand Sum Assured. The solution is provided in the content.

    <p>`379.27</p> Signup and view all the answers

    In the alteration of policy contracts, what changes can a policyholder request?

    <p>Reduction in the term of the policy, change in the plan of insurance, or alteration in the premium paying term</p> Signup and view all the answers

    Why may the theoretical paid-up value be further reduced in the early years of a policy?

    <p>Due to initial heavy expenses that would not have been fully recovered</p> Signup and view all the answers

    What must be ensured when altering a policy to maintain equality of policy values?

    <p>Suitable changes in the other terms of the policy</p> Signup and view all the answers

    In Example 7, what is the net annual premium the person has to pay after altering the policy to an Endowment Assurance Policy?

    <p>`161.74</p> Signup and view all the answers

    In the alteration of policy contracts, why must an alteration not be allowed that would cause the insurer to suffer a loss?

    <p>To prevent the insurer from setting up higher reserves due to the alteration</p> Signup and view all the answers

    In Example 8, when the policyholder desires a reduction in sum assured with unaltered premiums, how can the reduced sum assured be calculated?

    <p>By dividing the original policy value by the net annual premium for the original policy</p> Signup and view all the answers

    Study Notes

    Structure of the Heart

    • The heart is a muscular organ that pumps blood throughout the body
    • It is divided into four chambers:
      • Right atrium (upper right chamber)
      • Right ventricle (lower right chamber)
      • Left atrium (upper left chamber)
      • Left ventricle (lower left chamber)

    Blood Flow Through the Heart

    • Deoxygenated blood enters the right atrium through the superior and inferior vena cavae
    • Blood flows from the right atrium to the right ventricle through the tricuspid valve
    • The right ventricle pumps blood to the lungs through the pulmonary valve
    • Oxygenated blood returns to the heart through the pulmonary veins and enters the left atrium
    • Blood flows from the left atrium to the left ventricle through the mitral valve
    • The left ventricle pumps blood to the rest of the body through the aortic valve

    Heart Function

    • The heart pumps around 2,000 gallons of blood per day
    • It beats around 100,000 times per day
    • The heart rate is regulated by the autonomic nervous system
    • The heart is a self-sustaining organ, meaning it can continue to beat even if it is removed from the body

    Heart Valves

    • There are four heart valves:
      • Tricuspid valve (between right atrium and ventricle)
      • Pulmonary valve (between right ventricle and lungs)
      • Mitral valve (between left atrium and ventricle)
      • Aortic valve (between left ventricle and aorta)
    • Heart valves ensure blood flows in one direction and prevent backflow

    Blood Pressure and Circulation

    • The heart generates blood pressure through contraction and relaxation
    • Blood pressure is highest in the aorta and decreases as it flows through the circulatory system
    • The heart is responsible for maintaining blood pressure and circulating blood throughout the body

    Structure of the Heart

    • Heart is a muscular organ that pumps blood throughout the body
    • Divided into four chambers: right atrium, right ventricle, left atrium, and left ventricle

    Blood Flow Through the Heart

    • Deoxygenated blood enters right atrium through superior and inferior vena cavae
    • Blood flows from right atrium to right ventricle through tricuspid valve
    • Right ventricle pumps blood to lungs through pulmonary valve
    • Oxygenated blood returns to heart through pulmonary veins and enters left atrium
    • Blood flows from left atrium to left ventricle through mitral valve
    • Left ventricle pumps blood to rest of body through aortic valve

    Heart Function

    • Heart pumps around 2,000 gallons of blood per day
    • Heart beats around 100,000 times per day
    • Heart rate is regulated by autonomic nervous system
    • Heart is a self-sustaining organ, meaning it can continue to beat even if removed from body

    Heart Valves

    • Four heart valves: tricuspid valve, pulmonary valve, mitral valve, and aortic valve
    • Valves ensure blood flows in one direction and prevent backflow
    • Tricuspid valve is between right atrium and ventricle
    • Pulmonary valve is between right ventricle and lungs
    • Mitral valve is between left atrium and ventricle
    • Aortic valve is between left ventricle and aorta

    Blood Pressure and Circulation

    • Heart generates blood pressure through contraction and relaxation
    • Blood pressure is highest in aorta and decreases as it flows through circulatory system
    • Heart is responsible for maintaining blood pressure and circulating blood throughout body

    Life Insurance Products

    • Life insurance contracts provide protection and savings to customers.
    • There are different types of life insurance products:
      • Term Assurance Products
      • Whole Life Products
      • Pure Endowment Products
      • Endowment Assurance Products
      • Money Back Products
      • Unit Linked Products
      • Accumulating with Profit Products
      • Annuity Products

    Term Assurance Products

    • A term assurance policy provides a lump sum benefit payment on the death of the insured during the term of the policy.
    • The lump sum amount may be constant or increase/decrease by a pre-specified amount.
    • No benefit is payable on survival of the policyholder till the end of the term.
    • Some insurers offer benefits like return of premiums or a portion of it on survival of the policyholder at the end of the term.
    • Suitable for those who require a high amount of life cover but are initially unable to pay high premiums.

    Whole Life Products

    • A whole life policy provides a lump sum benefit payment on the death of the insured at any time during their lifetime.
    • The lump sum amount may be constant or increase/decrease by a pre-specified amount.
    • A whole life policy is usually costlier than a term assurance policy.
    • Suitable for those with moderate income who require considerable financial protection for their family.

    Pure Endowment Products

    • A pure endowment policy provides a lump sum benefit payment on the survival of the insured till the date of maturity of the policy.
    • No benefit is payable on death of the life insured during the specified term of the policy.
    • Rarely sold in India.

    Endowment Assurance Products

    • An endowment assurance policy is a combination of term assurance and pure endowment in either similar or different proportions.
    • Provides a lump sum benefit payment on survival of the insured up to a known date and also provides a significant benefit on death of the insured before that date.
    • Can be used as a means of repaying the capital on an interest-only loan.
    • Can be used as a means of saving money for retirement.

    Money Back Products

    • A Money Back Policy provides a certain percentage of the specified sum assured at pre-specified periodic intervals.
    • The sum assured along with accumulated bonuses is payable on death or at maturity.
    • Suitable for those who require periodic payments during their lifetime to match their liabilities.

    Unit Linked Products

    • A unit linked product is a combination of insurance and investment.
    • Provides risk cover and an opportunity to invest in various funds.
    • The policyholder bears the investment risk.
    • Charges are transparent and may include premium allocation charges, mortality charges, fund management charges, etc.

    Accumulating with Profit Products

    • An accumulating with-profits policy participates in the surplus/deficit arising out of specified business.
    • Bonuses can be allocated as additional units or by changing the unit price.
    • The guarantee provided is usually lower than that under a conventional with-profit policy.

    Annuity Products

    • An annuity policy is an insurance contract between the insurer and the annuitant.
    • Provides a regular series of payments made at successive periods of time.
    • Can be level, variable, or increasing at a fixed rate.
    • Types of annuities include:
      • Annuity payable during the lifetime of the annuitant.
      • Annuity payable for a certain period and thereafter during the lifetime of the annuitant.
      • Annuity payable during the lifetime of the annuitant with return of purchase price on death.
      • Joint Life last survivor annuity.
      • Annuity increasing at a fixed rate.### Term Assurance Policy
    • Cost is lower compared to endowment or whole life policy
    • Claim is payable only in a small proportion of policies

    Renewable Term Assurance Policy

    • Insurer can charge extra premium to cover additional expected claims due to exercising option of renewal
    • Renewal involves lower expenses than writing completely new business, resulting in savings for the insurer

    Immediate Annuity

    • No surrender value is offered
    • Due to anti-selection risk, where annuitant may surrender annuity when having severe health problems and not expecting many more annuity payments

    Exercise 1

    • Arrange contracts in order of cost: Endowment Assurance Policy, Whole Life Policy, Money Back Policy
    • Types of life annuity contracts offered by life insurers in India
    • Whole life contract: savings or protection contract?
    • Why pure endowment policies are not sold now by life insurers in India?
    • Effect of special one-off reversionary bonus on PRE issues
    • Option under term insurance policy more beneficial to life insurer: renew contract at end of term, convert policy into whole life contract, or convert policy into endowment assurance contract of same term

    Office Premiums

    • Calculation based on rate of mortality and rate of interest likely to be experienced and realized by insurer
    • Net premiums arrived at as a quotient of value of benefits when divided by the appropriate annuity
    • Mortality table selection is crucial, as it affects premium calculation
    • Adverse mortality experience can lead to variation, and thus a provision is made to protect the insurer's interest
    • This provision is known as 'mortality loading'

    Effect of Interest Rates on Insurance Premiums

    • Decrease in interest rate leads to increase in premium
    • Increase in interest rate makes insurance more attractive

    Loading in Premium Rates for Expenses

    • Expenses are necessary for managing the business
    • Initial expenses and renewal expenses are incurred
    • Expenses are categorized into two groups: related to first-year premium income, and related to new sums assured
    • Expenses during subsequent years are lower compared to the first year

    Expression for Office Premiums

    • Value of office premiums = Value of Benefits + Value of Expenses
    • General expression for office annual premiums: P1 = S.Ax + (I2 - K2)S + K2.Sax / äx - (I1 - K1) - K1äx

    Bonus Loading in Premium Rates

    • Provision in premium to provide for bonuses to policyholders
    • Bonus is distributed to policyholders after periodic actuarial valuations
    • Bonus loading is the addition to each premium for an anticipated annual rate of bonus

    With Profit and Without Profit Policies

    • With profit policies: policyholders participate in profits, and bonus loading is included in premiums
    • Without profit policies: no bonus loading in premiums, and no right to share in profits### Policy Values
    • The previous chapter discussed the values of benefits, expenses, and gross premiums at the inception of insurance.
    • At the inception of a contract, the values of benefits and expenses are equal if the premiums are just sufficient.
    • However, the situation changes after an insurance policy has run for some years, with some premiums already paid.

    Key Concepts

    • Gross Premiums: The total amount of premiums paid, including the expenses and benefits.
    • Benefits: The payments made to the policyholder or their beneficiaries in case of a claim.
    • Expenses: The costs incurred by the insurer in operating the business, including administrative costs, marketing, and other overheads.

    Key Takeaways

    • The values of benefits and expenses are equal at the inception of a contract if the premiums are just sufficient.
    • The situation changes after an insurance policy has run for some years, with some premiums already paid.

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    Description

    This quiz covers the structure of the heart, including its four chambers, and the flow of blood through the heart. It is ideal for biology and health science students.

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