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Summary of the Book
The book deals with principles specific to life insurance business. Life insurance is primarily for protection against the pains of mortality and morbidity. The secondary purpose of life insurance is the management of wealth and estate of the policyholder. The book explains how and why life insurance obligation arises in case of eventualities such as untimely death, ailment, accident, etc. In this book various requirements for life insurance business such as marketing, accounting, actuarial practices, underwriting, claim settlement, asset management, and legal aspects are dealt with using real life illustrations. Apart from the benefit payable on the happening of the insured event, some life insurance policies pay certain benefit on survival at the end of term, called as maturity benefit. The book also looks at the requirements for the settlement of benefit(s) under this category.
