Audit of Life Insurance Companies | CA Final Paper | CA Vikas Oswal | LearnCab | Jabar Post Indonesia/a> – This time JabarPost.Net will discuss about Life Insurance.
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Audit of Life Insurance Companies | CA Final Paper | CA Vikas Oswal | LearnCab | Jabar Post Indonesia
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Modern life insurance bears some similarity to the asset management industry and life insurers have diversified their products into retirement products such as annuities.
Life-based contracts tend to fall into two major categories:
Protection policies: designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form—more common in years past—of a protection policy design is term insurance.
Investment policies: the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.
It is important for an auditor to be familiar with various stages of governing insurance stages. The auditor while familiarising with various rules, regulations, relevant notification should also look into the important aspects arising out of those which might have an effect on the determination of nature, timing, and extent of audit procedure, while performing his role as an auditor.
In this #CAFinal chapter of #AudiOfLifeInsuranceCompanies CA Vikas Oswal talks about Specific Control Procedure related to the Audit of Life Insurance Companies #CAVikasOswal
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