Exam (elaborations)
ISR3702 Assignment 2 Semester 2 2024
- Course
- Life Insurance (ISR3702)
- Institution
- University Of South Africa
ISR3702 Assignment 2 Semester 2 2024 QUESTIONS AND ANSWERS
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[Company name]ISR3702
Assignment 2
Semester 2
2024
QUESTIONS WITH DETAILED ANSWERS
, 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)
For this question, it seems you are required to analyze life insurance applications and
classify them based on appropriate policies and underwriting classes. Here’s a guideline
to help you structure your answers comprehensively for each part:
1.1 Appropriate Life Policy for Each Application (22 Marks)
In this part, you'll need to identify the type of life insurance policy best suited to each
applicant. Common life insurance policies include:
• Term Life Insurance: Provides coverage for a specific period. It's suitable for
applicants who want coverage for a limited time, like for a mortgage or until their
children are grown.
• Whole Life Insurance: Covers the insured for their entire life, offering both a
death benefit and a cash value component.
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