underwriting guidelines
38
-
Upload
dr-bakht-jamal-shaikh -
Category
Documents
-
view
235 -
download
4
Transcript of underwriting guidelines
WELCOME
Presented by:
Dr. Bakht Jamal Shaikh- Chief Operating Officer.
Dawood Family Takaful Limited
Basic Concepts of Underwriting
Individual Family Takaful Scheme
Overview and Purpose
•Unity of Purpose •Clarity of Direction •Performance Evaluation•To Provide Clear Guidance to Consultant•Good Understanding of Operation Procedures•Clear Job Assignment•To Process Promptly•To Avoid Unnecessary Delays
BASIC CONCEPTS
Why Underwriting?
BASIC CONCEPTS
CAUSE OF DEATH1. Old Age
BASIC CONCEPTS
CAUSE OF DEATH2. Disease
BASIC CONCEPTS
CAUSE OF DEATH3. Accidents & Disasters etc.
BASIC CONCEPTS
CAUSE OF DEATH4. Murder
BASIC CONCEPTS
CAUSE OF DEATH5. Suicide
BASIC CONCEPTS
CAUSE OF DEATH
6. War, Terrorism & Riot etc
BASIC CONCEPTS
CAUSE OF DEATH7. Occupation
BASIC CONCEPTS
DEATH IS CERTAIN
DATE IS UNCERTAIN
BASIC CONCEPTS
A. SUM COVER
B. CONTRIBUTION
Payable on Uncertain Event death disability disease
BASIC CONCEPTS
C. INSURABLE INTEREST
D. PROSPER/PAYER OTHER THAN PARTICIPANT
BASIC CONCEPTS
E. AQAD
F. TAKAFUL CONULTANT DECLARATION
How to calculate?Current ProposalI. Sum Cover II. ATBIII.FEB IV.FIB % term PV(75%) V. Previous Certificate TSAR issued
within 3 yrsVI.Total
Total Sum At Risk (TSAR)
New Business• Proposal Form Legal Evidence of
the Contract How to Complete a
Proposal Form Proposal form should be filled with black quality pointer In CAPITAL LETTERS In one writing only. No Eraser, No Whito, No Blanco, No Overwriting , No cutting
New Business•
Proposal Form Legal Evidence of
the Contract
How to Complete a Proposal Form
New Business•
Proposal Form Legal Evidence of
the Contract
How to Complete a Proposal Form
Under-writing General Guide
Lines•
Purpose & Importance of Under-writingNon Medical Under-writingMedical Under-writingResidence Under-writingFinancial Under-writingFemales Under-writing
NON MEDICAL
•Total Sum Cover comes within non medical limit
•The application is free from any medical problem
MEDICAL
•Total Sum Cover comes within medical limit
•Medical problem (s) is declared
•Standard medical is valid for 6 months
•Medical is to be conducted by company appointed physician
MEDICAL
•The company reserve the right for any additional report , supplementary test or examination.
RESIDENCE UNDERWRITING
Residents RiskAfghanistan
Iraq
Kashmir
Tribal Areas etc
Foreigner Risk
FINANCIAL UNDERWRITING Economic Value of Life
Contribution Paying Capacity
Know Your Client (KYC)
B. FINANCIAL UNDERWRITINGECONOMIC VALUE OF LIFE Age
Remaining Productive Life
Gender
Current income
FINANCIAL UNDERWRITING Personal Expenditures
Assets
Liabilities
Net Assets
UNDERWRITING
SELECTION Vs
ANTISELECTION
FEMALE LIFE
Risk on the life of employed or self employed,
married or unmarried female is treated at par
with similar risk as on male life. • Age
• Marital Status
• Educated
• If married; details of coverage on the life of her
husband
FEMALE LIFE
• Number of children and their ages
• If unmarried, whether parents and /or
other siblings are insured
FEMALE LIFE
Category AMarried, Educated, housewife, and husband also insured
A (i) If Graduate
Treat at par with male life. The sum Cover is limited to 75%
of Sum Assured on Husband’s Life subject to maximum
1000,000
A (ii) If Matriculate
Treat at par with male life. The Sum Cover is limited to 50%
of Sum Assured on Husband’s Life to maximum 500,000.
No Rider
FEMALE LIFE
Category BMarried, Non Matric, housewife, and husband also
insured
B (i) with Children
Treat at par with male life. The sum Cover is
limited to 50% of Sum Assured on Husband’s Life
subject to maximum 500,000
Medical may be required
A (ii) with out Children
Treat at par with male life. The Sum Cover is
limited to 25% of Sum Assured on Husband’s Life
to maximum 250,000.
No Rider - Medical may be required
FEMALE LIFE
Category C
Married, Unmarried, Non
Matric, illiterate, housewife,
and husband/Parent/sibling
NOT insured
DECLINE RISK
Question & Answer Session
Thank You
