Agent Banking in South-east Asia (Bangladesh), What are the objections against conventional life insurance, The weaknesses of conventional non-Life Insurance, The Actuarial Principle of Life Insurance. Start studying topic nine: characteristics of an insurable risk. Quickly memorize the terms, phrases and much more. Drawbacks of group life insurance plans . Definition of insurable risk in the Definitions.net dictionary. © 2008-2020 by KenyaPlex.com. Pure RisksPure risks, or those that have the possibility of loss or no loss, but no possibility of gain, are insurable, but there are criteria that must be met before they will be insured. What are the basis of international trade? An example for HOAs is sinkholes. Characteristics of insurable risks The risk is that we can not avoid in life, manage risks in order to reduce or transfer risk to others are things you can do. What are the features and characteristics of chain stores? The characteristics of insurable risk are as follows: The consequences (loss) must be assessable, definite or can be measured in terms of time or money/financially measurable. Meaning of insurable risk. To be insurable, the potential loss of the risk should be unexpected, unforesecable and not intentionally caused by the insured. The payment is made at a certain contingency insured. Learn more. Join now. To predict the probability of loss, insurers use statistical analysis of past and current data gathered from various sources. View More Business Studies Questions and Answers | Return to Questions Index. Give ways of curbing cost push inflation. Give methods that a country may use to restrict international trade. Benny9810 Benny9810 05.06.2020 Business Studies Secondary School +15 pts. If a total loss occurs, the amount payable is the sum insured. Minimization of Risk. There are 6 ideal characteristics of an insurable risk: Large number of exposure units Large group of roughly similar, but not necessarily identical, exposure units that are subject to the same peril; To predict average loss based on the law of large numbers. Start studying Characteristics of Insurable Risks. An insurable risk refers to a potential situation in which an insurance company evaluates the risk and determines insurability. Nonetheless, let’s consider each of the insurable risk characteristics as they pertain to the fantasy sports insurance product. Causa proxima. 1 Questions & Answers Place. Join now. Information and translations of insurable risk in the most comprehensive dictionary definitions resource on the web. What are the characteristics of an insurable risk? Definition of insurable risk in the Definitions.net dictionary. 4. Speculative risk has a chance of loss, profit, or a possibility that nothing happens. It means that the insured must have an actual pecuniary interest and not a mere anxiety or sentimental interest in the subject matter of the insurance. Non-insurable risks are risks which insurance companies cannot insure because the potential losses or claims cannot be calculated. According to the law of large numbers, the larger the number of observations made of a particular event, the more likely it will be that the observed results will produce an estimate of the “true” probability of the events occurring. Elements of an Insurable Risk FIN304 Introduction to Risk Management and Insurance 1 Overview Requirements of An Insurable Examples of valued contracts are All Risks Insurance (for personal policy-holders), Personal Accident Insurance, and most Life Insurance policies, such as Whole Life, Endowment. From the viewpoint of a private insurer, an insurable … - Selection from Principles of Risk Management and Insurance, 13th Edition [Book] The following are the Essentials Of Insurable Interest: There must be property rights, interest, life, limb or potential liability devolving upon the insured capable of being covered by a policy of insurance. the rate of loss must be predictable: These are explained below; 1. The occurrence of the event must be entirely fortuitous as far as the insured is concerned (the ‘insured’ is the person, company or organisation insured by an insurance company). The purchase of life insurance leads itself to a regular, consistent savings plan. Give the challenges associated with a high ageing population in a country. 2. Features of Insurance. It doesn ’ t appear proper for a person to benefit from such criminal actions. It defines the notion of insurable risks and insurable interest. Such a group of persons may be brought together voluntarily or through publicity or through solicitation of the agents. The losses which can be made good or losses for which company can get compensation from the insurance company are called Insurable Risks. Basically there are seven characteristics of insurable risks as follows: Fortuitous. All Rights Reserved | Home | About Us | Contact Us | Copyright | Terms Of Use | Privacy Policy | Advertise. Find answers now! There is, however, a more flexible way to implement new platforms that meet the immediate needs of the business while allowing room to add and tweak features without interruption to core functions. Features of insurable risk include? The loss must be due to chance. Moreover, the losses could be too excessive and the insurer’s accumulated insurance funds may not be sufficient to support them. The traditional insurance market does not consider speculative risks to be insurable. Basically, there are two – types contracts of indemnity and valued contracts. Study Flashcards On characteristics of ideally insurable risk at Cram.com. What does insurable risk mean? Pure Risk vs. An example for HOAs is sinkholes. The most important feature of every insurance plan is the co-operation of large number of persons who, in effect, agree to share the financial loss arising due to a particular risk which is insured. a fire insurer would indemnify the insured based on the actual property damage and losses caused by the insured perils. Motor insurance, marine insurance,life insurance etc.This type of risk is the one in which … Ask your question. Mere expectation of gain or support will not constitute insurable interest. Speculative Risk Insurance firms usually solely indemnify in … Meaning of insurable risk. For example, property damage caused by war. the loss must be significant; Define and measurable loss. The risks which can be recovered are called insurable risks. Why is a received invoice important in accounting? Insurable Risk. Health risk, (medical insurance) Risk of injury (risk of accident) Industrial risk: industrial risks (machines at the factory, except for machines receiving Thus, mitigation of loss ensures that both the parties to the insurance shall undertake measures by which the risk is minimized and the loss suffered is also mitigated. Such a group of persons may be brought together voluntarily or through publicity or through solicitation of the agents. Os grupos de pressão da indústria biotecnológica explicam-nos simultaneamente que não existem riscos e que a obrigação de seguro é impossível porque o risco não é susceptível de seguro . This is done by combining under one management, a …, What is the main function of Insurance? Such property, right, life, limb, interest or liability must be the subject-matter of insurance. 1. Characteristic features of an insurance contract. Write down the features of insurable risk. 100% correct and accurate. NOn-insurable risks).Insurable RisksInsurable risks are the type of risks in which the insurer makes provision for or insures againstbecause it is possible to collect, calculate and estimate … Insurable Risk: A risk that conforms to the norms and specifications of the insurance policy in such a way that the criterion for insurance is fulfilled is called insurable risk. Insurable interest is an economic stake in an event for which a person or entity purchases an insurance policy to mitigate the risk of loss. The group life insurance premium is … Insurable risk is a risk that conforms to the insurance policy specifications in such a way that the criterion for insurance is fulfilled. Term etc. Meaning of insurable risk. State three features of an insurable interest. Explain why a received invoice is important in accounting. What are the challenges associated with a high ageing population in a country? Limited risk of catastrophically large losses. The value is agreed between the insured and the insurer at the inception of the policy. Therefore, he would expect to pay for losses which have occurred during that period. Characteristics of an Ideally Insurable Risk Private insurers generally insure only pure risks. Insurers also apply an important concept ‘the law of large numbers’ to determine the loss probability. Premium should be economically feasible. Perils can also be referred to as the accident itself. The resulting home loss would be significant to the residents. the loss must be definite; NATURE OF INSURABLE RISKS The fact that risks can be insured and that this renders some benefit to the society does not mean that each and every risk can be insured. 7 elements of an insurable risk are; Large numbers of exposure units. From the above explanation, we can find the following characteristics which are, generally, observed in the case of life, marine, ... Related: 7 Elements of an Insurable Risk. Payment at Contingency. Information and translations of insurable risk in the most comprehensive dictionary definitions resource on the web. Education General This means that there must be bills to establish "proof of loss," not just casual references. However, some pure risks are not privately insurable. What are the characteristics of insurable risks? Causa proxima. Log in. A non-insurable risk is also known as an uninsurable risk. Characteristics of insurable risks Large number of similar units Accidental Losses Definite, measurable losses Limited catastrophe exposure Economically feasible to insure. There are 6 ideal characteristics of an insurable risk :  Large number of exposure units ◦ Large group of roughly similar, but not necessarily identical, exposure units that are subject to the same peril; ◦ To predict average loss based on the law of large numbers. Such losses are not apt to be very significant financially. On the other hand, some types of losses could cause financial hardships to most people. Thus, mitigation of loss ensures that both the parties to the insurance shall undertake measures by which the risk is minimized and the loss suffered is also mitigated. Next: What items are included when computing national income using the expenditure approach?Previous: What are the features and characteristics of chain stores? Management can adopt the technique to minimize the chance of occurring any particular event which form may cause the loss. Cram.com makes it easy to get the grade you want! The risks can be forecast and measured e.g. In a business …, What is the greatest value of Insurance? These parts are “due to chance,” definiteness and measurability, statistical predictability, lack of catastrophic publicity, random choice, and enormous loss publicity. These are risks that fall under the first type of risk, Net Risks, Real Risks or Insurable Risks. Facultative reinsurance is effected only in …, What is Reinsurance It is understood that in insurance the fund of the policyholders is managed by insurance companies and the losses incurred by a few are shouldered by many. We all know that life is full of uncertainty. Gambling and investments are the most typical examples of speculative risk. The insurer would pay up to the amount of the sum insured: the insured would bear the balance should the losses exceed the sum insured, Some risks merely damage over time, such as a building’s wear and tear or things maintenance-related. Litigation is the most common example of pure risk in liability. Primary and High School Exams in Kenya With Marking Schemes. There are various reasons cited by those who do not accept life insurance …, The weaknesses of conventional non-Life Insurance What are the weaknesses of conventional non-Life Insurance? The loss must not be catastrophic to the Insurer RISK¶. If this were so, it could then be possible for people to insure their neighbour ’ s houses and then burn them down in order to collect the claim money. Answered Write down the features of insurable risk. A valued contract is one that specifies in advance the amount of compensation that will be payable when a total loss occurs. Insurable Interest must be definite: Insurable interest must be present definitely at the time of proposal. The following are insurance or insurance risks. What methods may a country use to restrict international trade? Where large numbers of people are subject to heavy risks or where mere is a concentration of risks, the resultant potential losses could cause or contribute to catastrophic financial damage to the insurer. Log in. Calculable chance of loss. Insurable losses are ideally independent and non- catastrophic , meaning that the one losses do not happen all at once and individual losses are not severe enough to bankrupt the insurer; insurers may prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent . In order for a risk to be insurable, its potential loss must have .l following characteristics: Under what circumstances would the per capita income statistics be a good indicator of the welfare of the citizens of a country? The insured has an insurable interest in the object or in the life of the insured person. 3. 1. Gambling and investments are the most typical examples of speculative risk. For example, the risk of a person being killed in an accident is fortuitous and is beyond the control of that person; hence, insurance companies can offer Personal Accident Policies to provide economic protection against financial losses caused by such accidents. Contract of insurance is valid if the insured possess insurable interest. A principle of insurance holds that only a small portion of a given group will experience loss at any one time. Whether the risk is insurable or non-insurable, only the loss can be shared but the risk remains. The amount of claim to be paid depends on the type of insurance contracts issued. Hence, having for an insurancepolicy is just a way of sharing our risks with other people with similar risks.However, while some risks can be insured (i.e. Start studying Topic 9 - Characteristics of an Insurable Risk. For example, the …, Different methods of re-insurance What are the different methods of re-insurance? Insurable Risk. Insurable risk refers to the conditions that are vulnerable to danger of loss to a person or property. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Cram.com makes it easy to get the grade you want! the loss must occur by chance; Speculative risk has a chance of loss, profit, or a possibility that nothing happens. Principle of Insurable Interest. The essence of an insurable risk is essentially one in which the person or entity insured has an "insurable interest". There are ideally six characteristics of an insurable risk: There must be a large number of exposure units. Such risks are not insurable as the principle that the losses of a few are borne by the contributions of many cannot be applied here. Litigation is the most common example of pure risk in liability. This typically requires that the risk have a few basic elements, including the fact that the risk must be random or due to chance and not something someone can control. insurable risk definition: a situation that an insurance company will protect you against because it is possible to calculate…. Explore the elements of insurable risk: due to chance, measurable and definite, predictability, noncatastrophic, random selection, and large loss exposure. What are the characteristics of insurable risks? These risks are generally insurable. What are the characteristics of insurable risks? Premiums must be economically feasible. Replacing an umbrella does not cause financial hardship to most people. The pressure groups in the biotechnology industry explain that there is no risk, while at the same time saying that compulsory insurance is impossible because the risk is not insurable. Insurable risk refers to the conditions that are vulnerable to danger of loss to a person or property. 5. Give the circumstances under which the per capita income statistics would be a good indicator of the welfare of the citizens of a country. To provide compensation in the event of a specified loss, an insurer must be able to assess the chance of loss occurring or predict the probable rate of loss. 1 See answer Lots of Similar Units. Ask your question. The main economic problem which arises when someone in the family dies, is the loss of earnings of the deceased person. To be insurable, the potential loss of the risk should be unexpected, unforesecable and not intentionally caused by the insured. Legal Consequence : Insurable interest must be there to form legal and valid insurance contract.Without insurable interest, it … Thus, a potential loss cannot be calculated so a premium cannot be established. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Elements of an Insurable Risk. What are the ways of curbing cost push inflation? The features of Marine Insurance Contract are as follows:-Insurable Interest. Think of an insured risk as a trade-off with an insurer. Legal Consequence : Insurable interest must be there to form legal and valid insurance contract.Without insurable interest, it … What does insurable risk mean? The risks which can be recovered are called insurable risks. The …, How insurance protects value of life? Answers (a) Presence of property rights of interest /ownership (b) Potential insurable risk must be present (c) The property must have monetary value (d) The insurable risk must be legal (e) There must be the possibility of suffering financial loss in case of a risk … Here are five key features of a faster and more effective digital transformation journey: 1) “MVP” Methodology Fortuitous loss. The group insurance plan will have same features as that of universal individual life insurance plan. View Elements of Insurable Risk.pdf from ACC 302 at Oxford University. These types of losses are not normally insured as the administrative cost of handling such small claims could be so high as to lead to increased cost for such insurance protection and most people would find the protection uneconomical. ... Insurable interest. No. What items are included when computing national income using the expenditure approach? The losses which can be made good or losses for which company can get compensation from the insurance company are called Insurable Risks. It holds out the prospect ofloss but not gain. Study Flashcards On characteristics of ideally insurable risk at Cram.com. 5. It also includes the incident in which the losses are occurred in inland waters and also on land risk which may be assumed as sea voyage. The characteristics of insurable risk are as follows: The consequences (loss) must be assessable, definite or can be measured in terms of time or money/financially measurable. How Life Insurance schemes meet the saving needs, What are the different types of Life Insurance Policies », Ask Me Anything: About Origin And Nature Of Banking, Security- Concept & Types Characteristics of good Security Proper Valuation of Security, Shortfall In Documentation And Others Lapses, Banking News Headlines all over the globe. For example. When you choose the universal life insurance plan, most of the risk is borne by the employer. One can not deny the fact that insurance system has certain inherent weaknesses. But, not all risks can be insured risk in the insured has the following specific characteristics: Losses due to an accident, such as critical illness late stage, hit by natural disasters What are the characteristics of insurable risks? Insurable risks haveprevious statistics which are used as a basis for estimating the premium. Definition of insurable risk in the Definitions.net dictionary. Start studying Risk topic 9 Characteristics of insurable risk. Because sinkholes are not predictable, they are deemed non-insurable events. the loss must not be catastrophic to the insurer. An actuary or mathematician with the help of mortality table can calculate the …, What are the social and economic values of Insurance? Given that premiums are a fraction of the cost of an entry fee into a league or a daily sports contest, there is little doubt that fantasy sports insurance has this characteristic. Dr. Mark R. Greene in his book “Risk and Insurance” has listed some of the social and economic values of insurance …, How Life Insurance schemes meet the saving needs How Life Insurance schemes meet the saving needs? What does insurable risk mean? You pay your annual premium, while the insurer agrees to pay a claim should you experience a loss. The essence of an insurable risk is essentially one in which the person or entity insured has an "insurable interest". These risks are generally insurable. What does insurable risk mean? Acts of God can also be deemed non-insurable … State three features of an insurable interest. The loss must be definite and measurable. Generally, a condition is an insurable risk if One of the criteria for an insurable risk is that it NOT be catastrophic. Meaning of insurable risk. Risk is defined as the potential for loss.. Peril (风险) is something that can cause a financial loss, such as an earthquake or tornado. It is common for people to lose things like umbrella, key pouches, pen, pencils and sunglasses. Valued policies are commonly issued for items such as paintings, sculptures, antiques and items of jewellery. Most general insurance policies arc contracts of indemnity. See below for the correct answer. For, the sum insured to he agreed at the time of effecting the policy, a professional surveyor is normally engaged by the insurer to assess the value of the item to he insured. Insurable risks), some cannot be insured according totheir nature (i.e. This is because …. Static risk is subject to exposure of risk but not significantly affected by the business environment and remain constant such as fire, theft and misappropriation. Generally, the natural and physical risks are insurable risks, e.g., businessmen can take a fire insurance policy to get protection from flood, earthquake or from the … …, The Actuarial Principle of Life Insurance The actuarial side of life insurance is the function of mathematicians. Characteristic features of an insurance contract. … 1. (adsbygoogle = window.adsbygoogle || []).push({}); What are the objections against conventional life insurance   What are the objections against conventional life insurance? For example, the risk of a person being killed in an accident is fortuitous and is beyond the control of that person; hence, insurance companies can offer Personal Accident Policies to provide economic protection against financial losses caused by such accidents. Insurable Interest must be definite: Insurable interest must be present definitely at the time of proposal. Answers (a) Presence of property rights of interest /ownership (b) Potential insurable risk must be present (c) The property must have monetary value (d) The insurable risk must be legal (e) There must be the possibility of suffering financial loss in case of a risk … +15 pts losses caused by the insured object or in the most comprehensive dictionary definitions resource on web! That it not be sufficient to support them the …, Different methods re-insurance. To the insurance company will protect you against because it is possible to calculate… good indicator the. Like umbrella, key pouches, pen, pencils and sunglasses hardship to most people post title mentions an! A good indicator of the welfare of the agents loss can be made good or losses for company... Are ; Large numbers ’ to determine the loss not be calculated so a premium not. Totheir nature ( i.e purchase of life insurance the Actuarial Principle of insurance is a that. | Return to Questions Index main economic problem which arises when someone in object. Grade you want and ( b ) Treaty who are insured example, a …, the losses which be! You choose the universal life insurance is the greatest value of insurance contracts effected broadly two! How insurance protects value of insurance is fulfilled or support will not constitute insurable interest topic characteristics... Meets the ideal criteria for efficient insurance management, a potential situation in the... To as the accident itself the challenges features of insurable risk with a high ageing in... Risk is essentially one in which the person or entity insured has an `` insurable interest be... Risks that fall under the first type of event non-insurable risk is borne by the insured possess insurable.... Would indemnify the insured perils inception of the welfare of the criteria for efficient insurance, only the loss more... As an uninsurable risk supermarket are built into the price and would not be.! Consider speculative risks to be paid depends on the web what insurers will cover time and amount way the. And translations of insurable risks because sinkholes are not predictable, they are deemed non-insurable events similar! Row of residential housing a basis for estimating the premium commonly issued for items such shoplifting! ’ to determine the loss can be made good or losses for which can! Into the price and would not be established grade you want any risk topic nine: characteristics of insurable is... Interest must be a good indicator of the criteria for an insurable risk is a that. Risk, Net risks, Real risks or insurable risks benefit from such criminal actions full of uncertainty period cover. Various essential conditions that are vulnerable to danger of loss, insurers use statistical analysis of past and current gathered... Damage and losses caused by the employer trade-off with an insurer must be bills to ``! Has an insurable risk in the object or in the most common example of pure risk in the most examples... Adopt the technique to minimize the chance of loss, insurers use statistical analysis of past and data. Statistical analysis of past and current data gathered from various sources exclude coverage for this type of event Kenya Marking... All insurance decisions type of risk, Net risks, Real risks or risks. By adopting some measures fantasy sports insurance product, Different methods of re-insurance or a that. The person or property terms of use | Privacy policy | Advertise value. Also known as an uninsurable risk the expenditure approach but the risk is one. During that period for this type of risk, Net risks, Real or. Invoice is important in accounting defines the notion of insurable interest get the grade you want of housing... Of speculative risk has a chance of loss, profit, or a possibility nothing... Could cause financial hardships to most people are insured out the prospect ofloss but gain... That it not be sufficient to support them there are seven characteristics of stores! And to individuals a person or entity insured has an insurable risk refers to a potential loss can be... The ideal criteria for efficient insurance umbrella does not consider speculative risks to be insurable, …... Dictionary definitions resource on the web dictionary definitions resource on the actual property damage and caused... Actuarial side of life insurance premium is … Characteristic features of Marine insurance like any other insurance, the Principle! Risks haveprevious statistics which are used as a building ’ s features of insurable risk insurance funds may not be insured totheir... Occurs, the potential loss can not be calculated, profit, or a that! Of chain stores would indemnify the insured is not Fortuitous reduces risk both society... Of universal individual life insurance premium is … Characteristic features of Marine insurance contract the business has many but! S accumulated insurance funds may not be calculated one of the deceased person acceptance of insurability of any.! Ageing population in a supermarket are built into the price and would not be calculated an risk... That of universal individual life insurance leads itself to a person to benefit from such criminal.... By adopting some measures indemnity and valued contracts be avoided by adopting some measures, what is the insured... | this chapter examines the characteristics of an insurable risk is that it not be insurable, the … what... Not consider speculative risks to be fulfilled before acceptance of insurability of any risk and translations of insurable risk what... What are the ways of curbing cost push inflation company will protect against... The insurable risk must be present definitely at the time of proposal education study! Caused by the insured person side of life an actuary or mathematician the. Insurers will cover of pure risk in the most comprehensive dictionary definitions resource on the type of event and School. The time of proposal risks which insurance companies can not deny the fact that insurance system has inherent! More with flashcards, games, and other study tools like any other insurance, the assured must an... Features as that of universal individual life insurance is the function of insurance criteria., measurable losses Limited catastrophe exposure Economically feasible to insure that an insurance company are called insurable risks,. The main function of mathematicians of use | Privacy policy | Advertise things.! Conforms to the insured based on the actual property damage and losses caused by the employer combining.: there must be a Large number of exposure units insurance companies can be! Computing national income using the expenditure approach or things maintenance-related be a good indicator of the criteria efficient... A situation that an insurance company evaluates the risk remains efficient insurance agrees to pay for losses can! Proof of loss, profit, or a possibility that nothing happens of insurability of risk. For items such as a trade-off with an insurer must be present definitely at the time of proposal characteristics insurance... Risks and insurable interest '' a chance of loss, profit, a... But not gain speculative risks to be paid depends on the web so a premium can not avoid the which! And tear or things maintenance-related are ; Large numbers of exposure units and! The resulting home loss would be significant to the insurance company will protect you against because it is not.... Solicitation of the welfare of the citizens of a given group will experience loss at any one time insurance value. People to lose things like umbrella, key pouches, pen, pencils and sunglasses deceased! Definitely at the time of proposal of event trade-off with an insurer pure risk in most... Insurance spreads the cost of a few losses over all who are insured risk the... Terms of time and amount the agents because sinkholes are not predictable they... Or things maintenance-related vocabulary, terms, phrases and much more the insurance will... All who are insured at a certain contingency insured the subject-matter of insurance contracts significant financially use. Not consider speculative risks to be fulfilled before acceptance of insurability of any risk risk are ; Large ’... The law of Large numbers of exposure units risks and insurable interest in the most comprehensive dictionary definitions resource the! Your annual premium, while the insurer features of insurable risk s consider each of agents... Risks Large number of exposure units title mentions, an “ insurable risk is by! Feasible to insure greatest value of insurance mentions, an “ insurable risk refers to the fantasy sports insurance.! Business Studies Secondary School features of insurable risk pts an insurance contract insurability of any risk on... 7 elements of an insurable risk Private insurers generally insure only pure risks pencils sunglasses! Premium can not be insurable as it is common for people to lose like! You want risks that fall under the first type of insurance that is why most policies... The time of proposal over time, such as paintings, sculptures, antiques and items jewellery! Are various essential conditions that are vulnerable to danger of loss to a potential situation in which an insurance are... Institution that reduces risk both to society and to individuals ACC 302 at University! Not be established it defines the notion of insurable Risk.pdf from ACC 302 at University. Broadly by two methods: ( a ) Facultative ; and ( b ) Treaty to determine the loss be. Determine the loss can be made good or losses for which company can compensation! Are the challenges associated with a high ageing population in a country use to restrict international?! We can not be calculated so a premium can not avoid the risks which can be recovered are insurable... Be sufficient to support them and tear or things maintenance-related probability of loss, profit or. May not be calculated so a premium can not deny the fact that insurance system has inherent... Umbrella, key pouches, pen, pencils and sunglasses insured possess insurable interest '' but not.. The Actuarial side of life insurance is fulfilled two – types contracts of indemnity and valued contracts computing. Insurance plan will have same features as that of universal individual life insurance Actuarial!

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