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Chap 3: Classification of Insurance - Coggle Diagram
Chap 3: Classification of Insurance
Statutory Insurance Fund
Types
Participating Policies
share in profits
Non-participating policies
Investment-Linked Life Insurance
Product Type
Endowment
Features
Riders can be attached
Provide death cover for fixed term and
lump sum at end of term
Upon TPD either lump sum paid
or in installments
Participating or non-participating
Disability Income
Income-protection in event of disability
Long-Term Care Insurance
Medical Expense
aka Hospital and Surgical
or Hospital Income
Ownership
Joint Life
First-To-Die
Death benefit paid to
surviving insured
and policy terminates
Eg. Joint Mortgage Decreasing
Term Insurance
Group Policy
Characteristics
Master contract which is kept
by the policy-owner (company)
Experience Rating
Cost-effective
Contractual or voluntary