4

(Insurance Underwriting)

4.7

4.1

4.2

) ,

4.3

) (HLV)

4.3

) (Liens)

4.8

)
)

4.4 4.5
4.6

4.1

-

, :

(Moral)

(Physical)

(HLV)

(Pool)

,
;

. ,

.
,
.

, .

()

(Loading)

(Time Value
of Money)

 :
4.1

( )

'' ,
.
,

. , ,

, , ,

/ ,
.

 ,
.

(Underwriter), ,
.

.
: ,

,
.

Possible Loss)

(MPL-Maximum

( ) ,

.
,

. .

, .

38

.
,

. , ,

, .

, .

,
. ,
. ,

, .

.
/ .

, 15 ,
.
4.1

)
,

.
, , .

4.2:

1) (Proposal)

:
:

''

),
,

.
/

, /

2)
,

,
.

( ) .
3)

,
.

.
3) / (Agent's confidential report)
'/

'

, , ,
,

,
. ,

.
,

'

'

''

' ' (Moral hazard report)

.
, ,

.
4)

. ,
, ,

.
5)

?
) (Moral and Physical hazard)

 , ,

.
1)

.
:

.
, .
/
.

:
:

, .

.
:

, ''

, ,
: ,
,
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 153 80 .
.
,
.

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.

.
2)

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,
.

 ''- ,
.
4.2
?
.
)

1)

'
' ()

. ,

.
, (Insurable interest)
,

. 3 1, ''
,

, ,

, :

.
2)

, ,

3)

. , (

),

.
, ,

, , .
.

/ (Field officers),

. ,
.
,
(Leave records) .

, ,
.

( );

(,
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);

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, .
,
.

1) ?

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,

. ()
.

, ,

. ()

.
2) ?

. ,

? ()

.
2) (Income replacement method)

.
-
1

.
2

.
,

35 .4,00,000 .
, (), 4
.
,

.25,000 ( .3,00,000).
5%

(.3,00,000)

5%

. 3,00,000

35

25

. 1,43,18,129

( )

. 4,00,000

8%

. 20,90,703

5%

60 ,

. 1.43 . ,
,

.1.43 . ,

8% ( ),
.

1.43

20,90,703

20.90

).
, . 20.90 , 25 8%
, . 1.43 .
,

20.90

() .
20.90 .
2)
,

.
)

()

8%

8%

37,50,000

(.37.5

, . 3,00,000 (3 )
.
, . 37.5 .37.5
.
, . 37.5 .

3,00,000

8%

, . 3

. 4,00,000.

. 8,000

. 25,000

. 3,00,000

8%

3,00,000/8%

= 3,00,000/0.08
= 37,50,000

(-

. 37,50,000

8% .37,50,000 ,
37,50,000 * 0.08 = . 3 .

8%

4,00,000

8% ,
.

, .
.
) (Liens)

. ,
.
, ,
,

20%

. ,
.
,
.

,
. ,

31

.
,

15%

.
(Analysis)
1

85%

.
2 :

90%

.
3 :

95%

.
4 : .

.
4.3
?
) (Pricing and calculating premium)

.


.
,
,
, /
.

2,

'2'

).

.
1)

.
.
(Mortality rates)

.
(Loading)

.

,

1938

.

, .

: (Level premium
plan)

,
,

:
premium plan)

(Flexible

.
2)
:
4.3

5%


,
,



2)
,
, .

, ,

.
.

.
100
.
.

.

 ,
(Actuaries) ,
.

. :
4.4
=

.

, /,

25

. . 5,00,000.
, 36 .

8,00,000

48

.40,00,000 .

1: = 25 .
= 0.0001
=

. 50.

= .5,00,000.

 2: = 36 .

= . 8,00,000.

= 0.00081
= . 648.
3: = 48 . = . 40,00,000.
= 0.00091
= . 3,640.

. ,
.
.
2)

, , ,

. ,

.
,
,

.

.
( : / )
4.1

.
2

.
-

.
-

.
10

.
15

.
-

20

.
.

,
,

.
.

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.

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2)
,

1938

.
4.5
=

,
:

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, ;

/ .
2) (Add loadings)

( ). ,

. .
:

.;

.
,

.
2)
, ,

. ,

-,

, ,

' ' (Frequency loading) .

5%

25,000 . ,

25,000/12 1.05 = . 2,187.50

,
.

.
4.4

.
.

(Simple revisionary bonus)

(compound revisionary bonus)

(Terminal bonus)

.(Interim bonus)

1)
,
.

1,000

.1,00,000

.5,000

.50

5%

.
2)

,
.

.5,00,000

,
.

5%

. .5,00,000 ,

.25,000

= .5,00,000
+ .25,000 = .5,25,000.

= .5,00,000 +
.25,000 = .5,25,000.

3%

= .5,25,000
+ .15,000 = .5,40,000. (.15,000 .5,00,000 3%)

= .5,25,000 +
.15,750 = .5,40,750. (.15,750 .5,25,000 3%)

.5,00,000 .

.5,00,000

.5,00,000

.
3)

- , 20, 25 30

. '
' .
4)

(Valuation)

,
(surplus) ,

.
,

'

'

1938 112 .

, ?
) / (Agents role in Underwriting)
/

. ' '
.

,
.

() ,
,

, .

4.5

; ;

;
.

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, / ,

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, , , , ,

, , , ,
.

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()

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.

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.

:
-

;
;
;

( )

, .
.

4.1

4.2 .

, .
4.3

. , ,

, ,
.

4.4 ,

.

.
4.5

.
-
1.

' ' ?

2.

'

'

-
1.

.
1938 112 .

2.