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
[Show more]
Content preview
[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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller msmartie11. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R44,07. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75619 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now