Life,Holistic Living: Delivering Superior Customer Experience
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Glossary (Part 2)
Operating expense - It includes all expenses that are incurred for the purposes of sourcing new
business and expenses incurred for policy servicing (which are known as maintenance costs) including
shareholders' expenses. It does not include commission.
Operating expense ratio - Ratio of operating expense (including shareholders' expenses) to total
premium
Proprietary channels - Proprietary channels include agency and direct
Protection Share - Share of protection includes annuity and health
Persistency - The proportion of business retained from the business underwritten. The ratio is measured
in terms of number of policies and premiums underwritten.
Renewal premiums - Regular recurring premiums received after the first year
Solvency ratio - Ratio of available solvency Margin to required solvency Margins
Total premiums - Total received premiums during the year including first year, single and renewal
premiums for individual and group business
Weighted received premium (WRP) - The sum of first year premium and 10% weighted single
premiums and single premium top-ups
HDFC
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