The information
given by the proposer in the personal form in is checked by agent field
officer from the their personal knowledge . In
additional they give a special report called confidential report . In
case the proposer is an employee in an organizations , it is possible to check
the details with his employees if required, If the proposer is a female ,
the insurer can insist on certain minimum educational qualification if she is not
employed. Normally an insurer may grip
give up to Rs. 50,000 for un employed persons and Rs. 1,00,000 for other male
lives under what can be called as, non medical
general category up to the age of 40.
There can be another category called non medical special, which is a
meant for the both male and female employed category up to the rs. 8,00,000 .
Age restrictions can be there up to age of 45. Special categories of people can be
considered under non medical scheme like
people working in defense service and
also professional like doctors, engineers, chartered accountants, architects etc.,
Here the sum assured can go up to the Rs.
8,00,000. Similarly ladies who are
income tax payees in view of their income from rentals, business, investments
etc., Provided they are fairly educated can be
considered under non medical categories
. There can be a few restrictions with regard to the products, term maximum
maturity age, etc., depending on the life.
Age being the basis of premium calculations has to be the proved beyond doubt by the
means of evidences like the school leaving
certificate , employer’s
certificate passport etc.,
MEDICAL UNDERWRITING: Beyond
the non medical limits it is necessary to take the help of a medical
report to assess the risk. The non medical
format takes care of the factors that a person should normally be aware
of the whereas the medical format goes to the beyond it to give the insurer
certain vital information. After the field worker’s initial scrutiny hence they
are called the primary underwriters , comes the role of a medical examiner in
assessing the risk. The examination brings out certain information that the
proponent may be knowing but still intentionally trying to suppress it or he may not be revealing
them inadvertently or he may be a it is the ignorant of that information.
FEMALE LIVES UNDERWRITING: IN view of the physiological conditions of
women, their increased risk due to the child birth, gynecological conditions ,
the social factors pertaining to their
status like married, spinster, widow etc., we have a large number of factors
affecting their mortality which are
described below. In view of the need for
insurance as well as a the capacity to
pay, it is a essential to divide the women into 3 categories as followed: 1. Women who are
gainfully employed and having an income.
2. Women who are not employed but are in receipt of certain income like rentals business investments etc.,
3. Women who have no income. A part from the above risk assessment include their marital status like married
single widow etc., The women who are
working are and earning independently
come on par a with working men. The women who have only unearned income are still eligible for life insurance
in view of status like income tax
assessee, wealth tax assessee, etc., The
third group needs a careful examinations as there will not be the any monetary
loss in that heir absence . The premiums are normally paid by their husband or beneficiaries . The questions of
moral hazard is crucial in these cases and with the abundant cautions the
insurer may offers pure savings plans or deferred annuity plans, so that no
body gains unduly by the death of the
assured. The widow with a young child may be considered with the offspring being the nominee., Similarly in the case of married women with
no income there is no obvious need for
life insurance . However in view of the emotional loss due to the death of the
wife and the wife being a source of
indirect income of the family in
the shape of the household duties rendered by her to the family, the
insurers may be considered
favorably subject to the husband’s
insurance children insurance. A part of
the from the above the cultural background of the family to which the lady
belongs and the place of residence like metro city or rural area where medical
facilities are not available immediately
also plays the part in the deciding the quantum of life insurance .
Undoubtedly expect the earning
category women, the other cases
come under medical category preferably medical examinations being done by a lady medical examiner.
If a male
gynecologist does the tests it should include the pervaginal examination with
the proposer’s consent , which is the
compulsory for virgins too up to a
certain age. A female extra premium is being charged wherever required especially in the case of
semi-literate /illiterate ladies. In view of peculiar physiological conditions of ladies, it is
necessary to impose a few restrictions
like pregnant ladies beyond 3 months of pregnancy will not be
considered. Proposals within 6 months of normal delivery and within 1 year of caesarian delivery will not be
entertained. However if regular menstruation has commenced
then the proposal can be considered
3 months after delivery. In a few
cases we may accept the proposal with 1 year pregnancy clause if menstruation has not recommenced. A
clause is normally a restrictive
condition in the policy imposed by the insurer going by the few factors
affecting mortality with reference to the
particular risk being underwriting . Wherever a normal full-time delivery has not taken place, the proposal can be
accepted with a one time single extra premium.