underwriting guidelines

Download underwriting guidelines

Post on 19-Feb-2017

213 views

Category:

Documents

4 download

Embed Size (px)

TRANSCRIPT

Dawood Family Takaful Limited

WELCOME

Presented by:Dr. Bakht Jamal Shaikh- Chief Operating Officer.

Dawood Family Takaful Limited Basic Concepts of Underwriting Individual Family Takaful Scheme

Overview and Purpose

Unity of Purpose Clarity of Direction Performance EvaluationTo Provide Clear Guidance to ConsultantGood Understanding of Operation ProceduresClear Job AssignmentTo Process PromptlyTo Avoid Unnecessary Delays

5

BASIC CONCEPTS

Why Underwriting?

BASIC CONCEPTS

CAUSE OF DEATHOld Age

BASIC CONCEPTS

CAUSE OF DEATHDisease

BASIC CONCEPTS

CAUSE OF DEATHAccidents & Disasters etc.

BASIC CONCEPTS

CAUSE OF DEATHMurder

10

BASIC CONCEPTS

CAUSE OF DEATHSuicide

BASIC CONCEPTS

CAUSE OF DEATH

War, Terrorism & Riot etc

BASIC CONCEPTS

CAUSE OF DEATHOccupation

BASIC CONCEPTS

DEATH IS CERTAIN

DATE IS UNCERTAIN

BASIC CONCEPTS

SUM COVER

CONTRIBUTION

Payable on Uncertain Event death disability disease

BASIC CONCEPTS

C. INSURABLE INTEREST

D. PROSPER/PAYER OTHER THAN PARTICIPANT

BASIC CONCEPTS

E. AQAD

F. TAKAFUL CONULTANT DECLARATION

How to calculate?Current ProposalSum Cover ATBFEB FIB % term PV(75%) Previous Certificate TSAR issued within 3 yrsTotal

Total Sum At Risk (TSAR)

New Business

Proposal Form Legal Evidence of the ContractHow to Complete a Proposal FormProposal form should be filled with black quality pointerIn CAPITAL LETTERSIn one writing only.No Eraser, No Whito, No Blanco, No Overwriting , No cutting

New Business

Proposal Form Legal Evidence of the Contract

How to Complete a Proposal Form

New Business

Proposal Form Legal Evidence of the Contract

How to Complete a Proposal Form

Under-writing General Guide LinesPurpose & Importance of Under-writingNon Medical Under-writingMedical Under-writingResidence Under-writingFinancial Under-writingFemales Under-writing

NON MEDICAL

Total Sum Cover comes within non medical limit

The application is free from any medical problem

MEDICAL

Total Sum Cover comes within medical limit

Medical problem (s) is declared

Standard medical is valid for 6 months

Medical is to be conducted by company appointed physician

MEDICAL

The company reserve the right for any additional report , supplementary test or examination.

RESIDENCE UNDERWRITING

Residents RiskAfghanistanIraqKashmirTribal Areas etcForeigner Risk

FINANCIAL UNDERWRITINGEconomic Value of Life

Contribution Paying Capacity

Know Your Client (KYC)

B. FINANCIAL UNDERWRITINGECONOMIC VALUE OF LIFEAge

Remaining Productive Life

Gender

Current income

FINANCIAL UNDERWRITINGPersonal Expenditures

Assets

Liabilities

Net Assets

UNDERWRITINGSELECTION VsANTISELECTION

31

FEMALE LIFERisk on the life of employed or self employed, married or unmarried female is treated at par with similar risk as on male life. Age Marital StatusEducatedIf married; details of coverage on the life of her husband

FEMALE LIFENumber of children and their agesIf unmarried, whether parents and /or other siblings are insured

FEMALE LIFECategory AMarried, Educated, housewife, and husband also insuredA (i) If Graduate Treat at par with male life. The sum Cover is limited to 75% of Sum Assured on Husbands Life subject to maximum 1000,000A (ii) If MatriculateTreat at par with male life. The Sum Cover is limited to 50% of Sum Assured on Husbands Life to maximum 500,000.No Rider

FEMALE LIFECategory BMarried, Non Matric, housewife, and husband also insuredB (i) with Children Treat at par with male life. The sum Cover is limited to 50% of Sum Assured on Husbands Life subject to maximum 500,000Medical may be requiredA (ii) with out ChildrenTreat at par with male life. The Sum Cover is limited to 25% of Sum Assured on Husbands Life to maximum 250,000.No Rider - Medical may be required

FEMALE LIFECategory CMarried, Unmarried, Non Matric, illiterate, housewife, and husband/Parent/sibling NOT insuredDECLINE RISK

Question & Answer Session

Thank You

Recommended

View more >