Hi, I encounter the following terms in past exam solutions that i could not find the definition in core reading: 1. immediate needs annuity - is this just another name immediate needs long term care insurance? 2. SEC, in the context of mix of business "e.g. change in mix of business e.g. age, SEC" Best regards, cw812
Hi cw812, An immediate needs long-term care insurance (INLTCI) contract could be an immediate needs annuity (although other variations are also possible). It's really just saying it's an INLTCI contract and specifying what form the benefits take, ie an annuity. Could I ask where you have found this abbreviation? It might help a bit more with context. I could guess at something like social and economic conditions ... Anna
Hi Anna, It's from SA1 Exam April 2010 Question 4 under 'Distribution' - "Consider the current market share and potential market share, expanding target market and likely changes in mix of business e.g. age, SEC, and the impact on claims depending on cross-subsidies in the rating structure." Furthermore, in SA1 Exam September 2012 Question 1 (iii) it says "ICA and ICG impacts", what do they stand for? Sorry i know that they are from SA1 Exam, I can re-post them into SA1 forum if needed! Regards, cw812
