Page 41 - Life Insurance underwriting Ebook IC 22

occupation, nature of duties, income, educational qualifications etc., and an underwriter
can get a feel of the case.

a) For smaller insurance covers

For small to moderate insurance covers, this information is sufficient to justify or
disqualify the amount.

b) For moderate to larger insurance covers

For moderate to large covers, a letter from the intermediary (the agent, broker,
corporate agent etc.) and a financial questionnaire from the client can be sufficient as
the supporting documents. As the cover increases, further documents supporting the
income are required.

c) For business insurance

For business insurance, the following business documents are required:

 Memorandum of Association
 Articles of Association
 Partnership Deed
 Business Accounts

6.2 Basic financial document requirements for all cases:

 Completely filled proposal form
 Agent's confidential report
 Financial questionnaire duly signed by the life assured (according to the
company's internal requirements norms and format)

6.3 Standard income documents for salaried applicants:

 Salary certificates / salary slips for the last 3 to 6 months
 Last 6 months' bank statements of the salary account
 Form No 16 issued by the employer
 Individual income tax returns in the name of the life assured along with
computation of income

6.4 Standard income documents for self-employed applicants professionals:

 Individual income tax returns (ITR) in the name of the life assured along with
computation of income.
 Audited profit and loss account and balance sheet of the company / firm
 Shareholding pattern of the company / profit sharing pattern of the partnership
firm

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