We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Insurance Products: Regulatory Facade.
- Authors
Veena
- Abstract
Insurance Product is an insurance policy having various terms and conditions embedded in the insurance contract which describes the acceptance of the risk for a valuable consideration. The concept of insurance product designing has three important components--defining the scope and application of the policy vis-à-vis risk selection, pricing the product and marketing the product. The first two components include the process of underwriting of the policy and the last component is more associated with advertisement and sale of the product. All the above components are to be made within the legal framework to avoid the complexities and protect the interest of the prospective policyholder. The Insurance Regulatory and Development Authority (IRDA) has paid a lot of attention in this regard and notified the guidelines which ought to be followed compulsorily. Unless the product is submitted to the IRDA and gets the approval, no insurance company will introduce the same into the market. The author makes an attempt to analyze various provisions that are associated with the designing of insurance products.
- Subjects
INDIA; INSURANCE law; INSURANCE policies; RISK (Insurance); PRICING; INSURANCE marketing; INDIA. Insurance Regulatory &; Development Authority
- Publication
ICFAI Journal of Insurance Law, 2009, Vol 7, Issue 1, p46
- ISSN
0972-7876
- Publication type
Article