Page 73 - MODULE1_Insurance Introduction_CHA
P. 73
Alteration in a policy
An alteration in the policy can be done on mode of payment of
premium, term of the policy and increase in sum assured
(subject to the terms and conditions of the policy or regulatory
requirements).
12. Behind the scenes operations (terms) in an
insurance contract
1. ACTUARY
An ACTUARY is a person who has passed specialized
examinations conducted by the Institute of Actuaries,
London (or Actuarial Society of India in India). Actuaries
are technical experts who have received specialist training
in the mathematics of insurance. Their job is to ensure that
the insurance products provided by the company are
mathematically (and thus financially) sound. They make a
reasonable forecast of the future liabilities of policies.
They decide the premium on the policy based on various
variables.
73
