Page 196 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

standard products that can be sold by any of the
offices of the insurer with the rates, terms and
conditions of the cover, including choice of
deductibles (where applicable), as per the internal
tariff guide.

If the guide visualizes variations from the listed rates
for factors either linked to experience, or hazard
features, or size of sum insured, or size of
deductibles or for the sake of competition, then such
variations should be properly documented following
all the rules and procedures. So they are called '
rule based' underwriting products.

This category includes Fire insurance with certain
sum insured or category of risk limitations, Motor
insurance other than fleets, Personal Accident
insurance other than groups, Health insurance other
than groups, Burglary insurance, Fidelity insurance
and so on.

(b) Packaged or customized Products - These

are specially designed products suiting an

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