So let us know little bit about IC38 Exam and then we will provide you ic38 exam questions and answers pdf free download.
IRDA IC 38 exam Important words and their description
Some important words for the IRDA exam, which are very difficult to understand, so here we traying to explain in details so do not get confused:
Insurer :In whose name the insured is insured.
Proponent : who proposes to insure someone, such as if a father gets his child insured, the proposer will be called.
Yield : The amount that is deposited every year for insurance is called Yield or Premium.
Insured interest : When a person proposes insurance for someone, then an insurable interest is seen at that time, that is, what can be the loss if that person is no longer there, if it is a financial loss then only this insurable interest is in mind goes.
Such as: – A father for his son or daughter, a business partner for another business partner, a finance company for his client to whom he has given loan, a company owner for his employees, etc.
Insurance is given only if an insurable interest is proved.
Nominee: it can also be called a successor, it simply means that the insurance holder gives nomination to the nominee on the form while taking the insurance, if an insured person is not there, to whom the insurance company benefits.
Param Harmony : When the insurance company and customer tell everything about themselves, it is called Param Sadbhav, give detailed information about the company’s agent plan and its term and condition, as well as tell the customer all the truth about themselves. Important such as his habits, occupation, family history, personal history, age etc.
Rider: When a customer is given a small installment in a life insurance policy and is given some additional benefits such as accident insurance, cancer treatment, heart treatment etc. So in this case if the customer has taken any rider while taking the policy, then during that problem the insurance company treats the customer, the rider can only be taken while taking the policy and not later.
Appointed Person (Appointment) : When the customer insures in the name of his child who has not attained the age of 18 years, then in such case the customer has to keep an appointed person.
Click in below link to download PDF