Exam (elaborations)
ISR3702 Assignment 2 Semester 1 2024 (675553) - DUE 24 April 2024
- Course
- ISR3702 (ISR3702)
- Institution
- University Of South Africa
QUESTIONS AND ANSWERS
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[Date]ISR3702 Assignment
2 Semester 1 2024
(675553) - DUE 24
April 2024
QUESTION AND ANSWERS
[COMPANY NAME]
, ISR3702 Assignment 2 Semester 1 2024 (675553) - DUE 24
April 2024
Question 1 (50 marks)
Bantu Life Insurance Company received the following life insurance proposal from
Chief Mlaudzi, who indicated that, because he lacked the necessary knowledge about
life policies, the underwriter should select an appropriate policy for each person:
1.1 Indicate an appropriate life policy or policies for each person and substantiate your
answer. (24)
1.2 Classify each person into an underwriting class and substantiate your answer. (24)
1.3 Name one factor that is missing from the proposal but that could be used to
answer question 1.2 above. (2)
No. Name Age Gender Occupation Income Proposed sum assured Relationship to
Chief Mlaudzi 1 Florence 38 Female Community projects R0 R100 000 Spouse 2
Vimla 39 Female Community projects R0 R100 000 Spouse 3 Zimkane 28 Male
University student R0 R50 000 Child 4 Xoliswa 6 Female Still in school R0 R50 000
Child 5 Kgadu 13 Male Still in school R0 R50 000 Child 6 Vhonani 15 Male Still in
school R0 R60 000 Child
Bantu Life Insurance Recommendations (50 marks)
1.1 Appropriate Life Policy/Policies (24 marks)
Here are recommendations for appropriate life policies for each person, along with
justifications:
• Florence (38, Female, Spouse, R100,000):
o Term Life Insurance: This policy provides a death benefit to the
beneficiary (Chief Mlaudzi) in case of Florence's death during the policy
term. It's suitable because it offers a high death benefit at a relatively low
premium due to her younger age.
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