Difference between annuity and pension, types of annuity and pension, actions done on a policy, policy flow, RI insurance and it’s types and difference between them. Coinsurance, what are the charges when u cancel policy in 1st year vs 3rd year. Surrender concepts. Basically brush up insurance skills.

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Explanation of annuity, pension, policy actions, RI insurance, coinsurance, surrender concepts, and cancellation charges.

An annuity is a contract between an individual and an insurance company that provides a guaranteed income stream for a specific period or for life.
A pension is a retirement plan that provides a fixed income to an employee after retirement.
Types of annuity include fixed, variable, indexed, and immediate annuities.
Types of pension include defined benefit and defined contribution plans.
Policy actions include premium payment, policy loans, withdrawals, and surrender.
RI insurance is reinsurance, which is insurance for insurance companies.
Types of RI insurance include proportional, non-proportional, and facultative reinsurance.
Coinsurance is a type of reinsurance where multiple insurance companies share the risk of a policy.
Cancellation charges vary depending on the policy and the time of cancellation.
Surrender concepts refer to the process of terminating a policy before its maturity date.
Surrender charges may apply if a policy is surrendered before its maturity date.

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