Exam (elaborations)
ISR3702 Assignment 2 Semester 2 2024
- Course
- Life Insurance (ISR3702)
- Institution
- University Of South Africa
ISR3702 Assignment 2 Semester 2 2024
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ISR3702Assignment 2
Semester 2 2024
QUESTIONS WITH COMPLETE ANSWERS
[DATE]
[COMPANY NAME]
[Company address]
, ISR3702 Assignment 2 Semester 2 2024
Question 1 (46 marks)
Latu Life Insurance Company provides financial services in the Republic of
South Africa. In January 2024 the company received the following
applications:
1.1 Indicate an appropriate life policy or policies for each application and
substantiate your answer. (22)
1.2 Classify each of the applications into an underwriting class and
substantiate your answer. (22)
1.3 Name one variable that is missing from the applications but that could
be used to answer question 1.2 above. (2)
Question 1.1: Indicating Appropriate Life Policies (22 marks)
Latu Life Insurance has received several applications, and each applicant
may require a specific type of life insurance based on their circumstances.
Below are the types of policies typically available and how they might apply
to different applicant scenarios:
Types of Life Insurance Policies:
1. Term Life Insurance: Provides coverage for a specified period (e.g.,
10, 20, or 30 years) and pays out only if the policyholder dies within
the term. It’s a simple, affordable option for temporary needs.
2. Whole Life Insurance: Offers lifelong coverage, meaning the policy
pays out regardless of when the policyholder dies, as long as
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