Personal And Business Insurance Products Assignment | Homework For You
220 words LO2: Describe and differentiate the features of various types of personal and business insurance products, including related policy documentation and taxation issues. LO5: Evaluate contemporary issues in insurance advice.
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(a) Michael is a professional, white-collar client and comes to you looking for advice on life, TPD and trauma insurance. Michael has no significant medical history, no hazardous activities and a perfect family history; however, he has had an issue with recreational drug use in the past. What is the relevance of family health history, personal health history, occupation and a history of drug use to the underwriter when assessing an application for life insurance? (5 marks)
(b) If an underwriter is experiencing underwriting losses, what will the effect of continuously increasing premiums be on policy retention and risk concentration? (5 marks) Excellent (Mark range: 7.5–10 marks) • comprehensive explanation of relevance of factors to underwriting assessment • comprehensive explanation for impact of increasing premiums on policy retention and risk concentration • comprehensive examples provided to support discussion. Get Finance homework help today