Hi We may be asked about key features of a policy/contract from a policyholder's perspective. Other than the benefits, premiums, charges and risks are there any other key points that we should be looking to make? Furthermore if we are considering how well a contract structure/policy will meet the customer needs, how would you suggest forming an answer? This relates to X1.7 in the assignment X1. Thank you
Hi Rachael Yes thinking about benefits/premiums/charges/risks sounds like a good approach. We could then breakdown benefits into death/maturity/surrender. Part (i) looks at the product features and part (ii) looks at the needs. So part (iii) is just looking at whether they match up. It is probably best to take the needs in turn and match them up with the features - remembering to consider all the possibilities (death/maturity/surrender) and whether the policyholder's needs could change. Best wishes Mark
