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BBA Intro - Chaptr 1

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claim management
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  SHARE ‘N CARE SAVINGS PLAN DEATH CLAIM  ã MrIbadKhan approach a takafulcompany to arrange a unit linked takafulcover. He provided the following information: Gender: MaleProfession : DCMonthly income:250,000/-Health : medically fit, no family history of natural deaths before 55 years of age.Beneficiary : ShereenBibiSum assured: 2000,0000/-Duration of cover:20 yearsRisk date: march,5 2009Riders benefits: FIB At 20% for 20 years , AIB.After looking the results of medical examination the underwriters puts Mr. M.Shahinto the standard risk class, and set annual contribution rate of 100,000/-.  ã After contribution of 100,000/-annually for 7 years, Murad shah die in a road accident. Ms:ShereenBibi beneficiary inform the Takaful company operator about of her husband death, and explains that he was covered, she also make a death certificate of her husband.After checking their records the calm form issued, the claim determent calculates the amount of the death claim to make payment . Claim deptement:calculate as follows:Last contribution paid: March, 2015Date of death: march 3,2015Cause of death: Road accidentCash value of unit allocation in the 7 years=30,000/-  ã AMOUNTS PAYABLE IN DEATH CLAIM: ã Sum assured:2000,000--------1 ã AIB :2000,000---------------------2 ã FIB AT 20% to paid in installments over 13 years, remaining term cover(2000,000 x 0.2x13)= 5200,000--------------3Cash value of unit allocated:30,000-------4 Total :(1+2+3+4)= 9200,000 ã End.
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