This process includes idea generation, product feasibility, underwriting guidelines, product planning and design, pricing, reinsurance, state filings, marketing ...Essential knowledge: What is... · Life insurance product...
What is the product of life insurance?
A life insurance policy has two main components—a death benefit and a premium. Term life insurance has these two components, but permanent or whole life insurance policies also have a cash value component. Premium. Premiums are the money the policyholder pays for insurance.
What is the main objective of a life insurance product?
The major purpose of life insurance is protection — the instant estate to meet survivor needs. Some policies include a savings feature, but there are many other ways to save money and make investments.
What are the factors considered while designing the insurance product?
Some examples are: travel cancellation insurance, travel baggage insurance, foreign travel health insurance and travel accident insurance.