: Since the minors less then age of the 18 are
not competent to contract normally their parents guardians come forward to insure their lives. Normally deferred
assurance plans are only given to the children so that the risk on their lives commences afer the age 18 and in some
cases after age of 12. Mostly all these
plans come under medical unless the deferment period os more than 10 years. We may have to take a few precautions like
satisfactory personal history of health and also the hereditary reports. All
other members of the family should have
been covered especially the father and the mother educated and earning. The
socioeconomic status of the family has
to be satisfactory.
The pressure on children due to their school performances
is again a risk factor to be considered
especially now a days when there is the
tendency to commit suicide among the
nonperforming school child. An underweight
child is an additional risk, whereas
a slightly obese child is a welcome up to the certain age. For insurance
on minor children up to age of 25 on the
basis of parent’s income a few restrictions were imposed .
Normally it should be insured that all the members of the family are adequately
insured. The insurer may considered a risk plan on the lives of major children
pursing professional studies or higher
education in any of the faculty where the loan is sanctioned by a bank or
any reputed financial institution
without insisting upon the insurance on the life of both the on the life of the
proposer father or mother. This is a
given because insurance is
considered as collateral security
against the loan and certified copies of loan papers and copies of evidence as
to the higher studies are submitted.
OTHER CONSIDERATIONS: The sum assured age capacity to pay physical impairments etc, are some of the other factor
in assessing the risks. Some of these
issues may point out the certain moral
hazards factors like suicidal tendencies. etc.,
There may be a necessity for
special medical reports like the x-ray ECG, Tele, Treadmil, Serum cholesterol, ELISA tests
for HIV etc., warranted by the physical conditions of the proponent a brief descriptions of some
of the above reports is given below: 1. ECG– electrocardiogram with report. 2.
Treadmil exercise – ECG tracing with
report, 3. Tele– Teleroentgenogram full
size plate, picture to be taken in deep
inspiration with report. 4. CBC
report on complete blood count. 5. ESR
report on erythrocyte sedimentation
rate. 6. FBS Blood sugar test report at fasting. 7. PGCS-- blood sugar test report 2 hours
after administrations of glucose. 8.
SMA– 8 report– this contains the following pathological tests. 1. fasting blood
sugar, 2. cerum creatinine, 3.
serum. 4. serum bilirubin--direct and
indirect. 5. SGOT. 6. SGPT.
7. serum calcium. 8. serum
potassium. 9. Serum alkaline phosphates. 10. SMA
27– contains 27 pathological
tests. 11. Serum cholesterol
report. SUMMARY.
Life insurance underwriting involves a lot of the
issues while assessing the risk like the age, physical fitness., family
history, capacity, to pay etc., The
underwriting can be done under two
heads, medical and non medical . The
specific group which we under write are also assessed life female proponents,
children who are minors and majors, large sum assured, etc., necessary
precautions are to be taken for each group