Importance

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Abstract

A method of managing the business of a life insurance scheme of the kind in which a life insurer receives life insurance premiums from an insured life and pays a predetermined sum to the insured life on the occurrence of an insured event. The life insurance scheme is linked to a medical scheme of the kind in which the provider of such medical scheme undertakes liability in return for a premium or contribution, the insured life being a member of the medical scheme. A portion of the life insurance premiums paid by the insured life during a predetermined period are allocated to a fund according to predetermined criteria related to the status of the insured life with the medical scheme. An amount is deducted from the balance of the fund related to life insurance claims made by the member during the predetermined period and at predetermined intervals, the balance in the fund is paid to the insured life.

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First Claim