Deeds

As some examples, deeds could be relevant in any of the following situations:
- Transfer of a life insurance policy into a trust (the trust deed will set out who is involved in the trust and how it will operate) - as described in Section 4 of the chapter
- Assignment of a life insurance policy ie changing the beneficiary, for example assigning a joint life policy to just one of the lives, perhaps following divorce
- As mentioned in the Core Reading, taking actions under a deed that sets out power of attorney.

 

The documents could be the policy document and any related deeds that are not required for other purposes. So, for example, a deed assigning the policy to a single rather than joint life would be retained by the life insurance company after claim as it no longer has relevance to the individual. But the power of attorney deed would not be retained by the life insurer as the individual will need this for other purposes.

"Transfer of title" means transferring the policyholder to another beneficiary, such as under the joint to single life assignment that I mentioned above.

Hope that helps. This chapter is pretty heavy on legal terminology so don't worry if you find it hard-going - you are far from alone!

 

Yes: provided the policy was originally sold on gender-specific rates. The premiums will be reviewed and (if felt appropriate) adjusted in line with claims experience; for such policies (ie reviewable premium policies sold prior to 21 December 2012), this change in claims experience can be analysed by gender.

 

Hi
1 (a) yes, b) yes again
2. Indirect discrimination. I'll 'borrow' an example from the IFoA Match 2012 response to HM Treasury on the gender ruling. To quote from there:
"A review of the data may suggest that the health risk of a coal miner is greater than the health risk of the general population. Discussions with medical experts could suggest that the principal reason for the increased risk is the exposure to coal dust. However, it might also be argued that the risk is increased because the majority of coal miners are male, while the general population is made up of both males and females and so the observed mortality is compounded by the gender differential.
If a term assurance premium was calculated to meet the expected cost of claims, we would expect this to reflect both the exposure to dust and the gender mix. It may therefore be argued that this premium is indirectly discriminating against the coal miners on the basis of gender."