Question No 3: Ms.Bushra has taken a life insurance policy with Oman insurance for a sum of RO55000 to be paid quarterly on 25/06/2016. The premium to cover the risk amounts to RO50 per thousand per annum and the expenses of the insurer to cover the risk amounts to RO 6 per thousand sum assured. She also wants to have EPDB which amounts RO 1 per thousand. The Rebate and Extra for Sum assured, and Mode of premium payment is given below. Sum Assured Rebate Premium Payment Mode Rebate or or Extra Extra 0-25000 1% extra 1% extra 25001-50000 0% rebate 0.5 % rebate Monthly Quarterly Half yearly Yearly 50001 - 75000 1% Rebate 0.5 % Rebate 75001 1.5% Rebate 1% Rebate. 100000 a. Calculate the quarterly premium to be paid (4 Marks) b. Explain the different types of premium used in the above case (2 Marks) c. Select any one insurance company in UAE which provides life insurance and explain the features of any one of their life insurances plans in your own words. (300 words) (4 Marks) Question No 3: Ms.Bushra has taken a life insurance policy with Oman insurance for a sum of RO55000 to be paid quarterly on 25/06/2016. The premium to cover the risk amounts to RO50 per thousand per annum and the expenses of the insurer to cover the risk amounts to RO 6 per thousand sum assured. She also wants to have EPDB which amounts RO 1 per thousand. The Rebate and Extra for Sum assured, and Mode of premium payment is given below. Sum Assured Rebate Premium Payment Mode Rebate or or Extra Extra 0-25000 1% extra 1% extra 25001-50000 0% rebate 0.5 % rebate Monthly Quarterly Half yearly Yearly 50001 - 75000 1% Rebate 0.5 % Rebate 75001 1.5% Rebate 1% Rebate. 100000 a. Calculate the quarterly premium to be paid (4 Marks) b. Explain the different types of premium used in the above case (2 Marks) c. Select any one insurance company in UAE which provides life insurance and explain the features of any one of their life insurances plans in your own words. (300 words) (4 Marks)
