SA 2 复习笔记
Chapter 1 (Life insurance products)
1. Describe the major life insurance products that are offered.
1.1 Describe the benefits and other main features of the following products:
Term assurance, including group life insurance
A term assurance is a contract to pay a benefit on the death of the life insured within the term of the contract (chosen at outset). Typically, no benefit is available on surrender or on expiry of the contract if the life is still alive.
Why there is a need:
- Protection against financial loss for dependents
- for decreasing term insurance
- to repay the balance outstanding under a repayment loan
- to provide an income for a family with children until such time a the latter can fend for themselves
- where policyholder is a corporate body or partnership, the contract can be used to provide protection against the financial loss that might arise on the death of a key person within the organization
Term assurance might be sold with CI, in terms of which the sum assured would be paid while the life insured is still alive but suffering from one of a predefined range of CI such as cancer.
The product may also be sold as a convertible term assurance, enabling the life insured to convert the policy to an endowment or whole life assurance before the end of its term, or to roll on a another term assurance.
income protection insurance
critical illness insurance
1.2 Assess the purpose and key risks of the above products and bases to the policyholder and insurer.