HND保险OUTCOME2.doc

1.Jim ask you toa) recommend a suitable life policy, given his family circumstancesb) Explain the main features of the recommended policyc) State your reasons for the re commendation2. Jim tells you that there are four clauses in particular in the whole of Life policy. That he does not understand.These area) Conditionsb) Schedulec) Specificationd) Endorsements背书Explain these four clauses to Jim using nontechnical language3. Explain to Mike in the simplest of termsa) what the term 'Bonus Declarations' refers tob) What happens when there is a surplus on valuationQ1 Analyse the financial position and prospects of the individuals in the family(b)优点：没有贷款或者抵押的负担 缺点：小孩尚未成年，数量不多结论：because of the uncertainty in Jim's income source, one of the (a) term assurance,policies would be better than whole (of) life(增加）Do Jim or Rosie have any savings?Does Rosie bring any consistent income into the familyWhat is the credit card/finance agreement situationDo they get any support from relatives2. 从Type和Time2个方面回答Type: implied 默示条款 express明示条款Conditions which are automatically assumed to existConditions which are not assumend but which the policy holder needs to arrange to be in place.Time:Condition before (precedent to) the contract is arrangedCondition after (subsequent to)the contract is arranged Condition before (precedent to) the event insured against has happened but afer the contract has been drawn upImplied conditionThat the insured has an insurable interest in the life of the subjectThat both parties have obserred the utmost good faith(uberrimae fidei) in their dealings with one another(ie dealt fairly)最大诚信原则That the life insurance actually exists (he/she is still alive)That the life insured can be uniquely identified(ie is not just one of the family)Conditions解释There are expressed in the policy and deal with(among other things)the claims procedure. In life insurance, the express conditions of either a general or particular nature can be classified asa) restrictive,eg residence,occupation or war risk.That is,specifying where the insured is allowed to stay(eg in the UK only) What the insured is allowed to do (eg no free-fall parachuting).refusing to insure if war starts in the insured's countryb)privilege, eg days of grace, surrender paid up, loans That is, allowing a given number of days for the insured to inform the company or to pay something ,allowing a value to be paid if the policy is surrendered to the company, allowing the policy to become fully paid under certain circumstances allowing the insured to obtain a loan .The schedule This is the part of the policy which records details of the particular assurance contract.Apart from particular conditions,all the above clauses apply to all the company's life policies.The specification This is usually used where there is not enough room on the policy to record all the particulars.If these Expressgeneral which covers(among others)Protection (of insurance company)against misrepresentation and fraud保障Alterations(to the cover/items insured) to be notified to insurer选择Claims proceduresPrivileges to either party(eg the right to surrender the policy)Contribution with other insurers of the risk(ie sharing liability)Cancellation clausefor the benefit of the insurerParticularExample:it may be that the insurance company will reguire a periodic medical examination of the isured (to'safeguard' their investment)Condition described according to timeCondition precedent to the contractThese are conditions which must be fulfilled before the contract is valid (eg the implied conditions mentioned earlier)Conditions subsequent to the contract These are expressed in the contract and can be either general or particularConditions precedent to liability Unrecorded items existed in a policy,the following phrase would be found in the schedule,'specification attached to and forming part of this policy'EndorsementsFrom time to time, it is necessary to make adjustments to the wording of a policy to take note of the changes in sums insured,substitution by one item for another etc,In such cases ,a new policy would not be drawn up ,Instead, a sheet of paper called an endersement slip is issued noting the alterations and any additional or return premiums involved3Valuation stepsa) The Actuary保险精算师，will determine the mid-market price of the investments relating to each fund and add them together b) He will then add up all expenses that have to be deducted,and the PV(产品鉴定）of prospective payouts based on Premiums already paid reversionary bonuses already declaredc)He will then determine the bonus(reversionary) that will be declared given three factors:Past growth(ie bonus declarations)Current state of the fundFuture prospects of investment return (again using probabilities)d) Using a computer program ,he will then allocate the annual bonus to each life assured BonusesIf there is a surplus on the annual valuation(盈余的年度估价）a portion of that surplus may be distributed in the form of a bonus.There are three major types of bonus:Reversionary bonus(复归红利）This is a bonus which ' reverts ' to the payer of the premium.It is a ' return ' to the policyholder of surplus funds.It does not mean that the bonus is capable of being returned to the insurance company.All reversionary bonuses are permanently added to the sum assured.The bonus may be calculated as a percentage of this year's surplus based on the original sum assured or they may be calculated on the basis of the last sum assured (ie with all preious reversionary bonuses added in)Terminal bonuses(期满获利）Although most policies estimate the terminal bonus on an annual basis,they are calculated at the date of the claim and cannot be guaranteed in advance of that claimInterim bonus(临时获利）This announcement declares the bonus rate to apply to any claim that arises from the last reversionary bonus to the next