Podcast
Questions and Answers
What is one of the primary purposes of insurance in society?
What is one of the primary purposes of insurance in society?
- To reduce government expenses
- To eliminate all financial risks
- To provide social security (correct)
- To increase individual wealth
Which of the following is NOT a prerequisite for becoming an insurance agent?
Which of the following is NOT a prerequisite for becoming an insurance agent?
- Passing a licensing exam
- Submitting a criminal background check
- Completing a degree in finance (correct)
- Meeting age requirements
What role does an insurance agent play in the settlement of policy claims?
What role does an insurance agent play in the settlement of policy claims?
- They prepare the proposal form for other agents
- They complete financial and medical underwriting (correct)
- They determine the product pricing
- They assess the market share of the company
Which of the following best describes actuarial aspects in product pricing?
Which of the following best describes actuarial aspects in product pricing?
In the context of types of insurance, what does 'insurance interest' refer to?
In the context of types of insurance, what does 'insurance interest' refer to?
Flashcards
Insurance Purpose
Insurance Purpose
Insurance protects individuals and businesses from financial losses due to unforeseen events.
Insurance Agent License
Insurance Agent License
A license needed to sell insurance, with specific requirements and procedures.
Insurance Agent Functions
Insurance Agent Functions
Activities of an insurance agent, including processing applications, underwriting, and claim settlements.
Insurance Company Profile
Insurance Company Profile
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Life Insurance Principles
Life Insurance Principles
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Study Notes
Unit 1: Introduction to Insurance
- Insurance is a social security tool and vital for economic development.
- The purpose and need of insurance are discussed.
Unit 2: Insurance Agent - Introduction
- Procedures for becoming an insurance agent are covered.
- Necessary prerequisites for obtaining a license are outlined.
- License duration, cancellation, and revocation/suspension of agent appointments are detailed.
- Code of conduct and unfair practices are also part of the curriculum.
Unit 3: Insurance Agent - Functions
- Insurance agent responsibilities, including proposal form, underwriting, and material information.
- Financial and medical underwriting are part of the agent's role.
- Processes for claims settlement are explained.
Unit 4: Strategies of Insurance Company
- Company profiles, organizational setup, and promotional strategies are presented.
- Market share, significant activities (Structure, Product, Actuarial profession), product pricing (actuarial aspects), and distribution channels are explored.
Unit 5: Types of Insurance
- Fundamental principles of different insurance types (life, marine, fire, medical, general).
- Various insurance contracts and associated interest are examined.
Unit 6: Contemporary Issues
- Current issues in insurance are presented through expert lectures and webinars.
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