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What is a life cycle policy?


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2006-05-20 16:13:08
2006-05-20 16:13:08

Systems, processes and procedures are all used by the staff responsible for policy processing. Here, new policy processing includes all functions from new policy data capture, through underwriting and rating to policy issue. Policy maintenance wraps the policy change and endorsement steps and extends to renewal, cancellation, reinstatement etc. Management, statistical and regulatory reporting are components too.


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POLICY CYCLE:Policy cycle is a tool used for analysing the development of the policy item.Problem identificationPolicy formulationAdoptionImplementationEvaluation

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Policy life cycle begins with problem definition, and after thorough examination, solutions are suggested. Next is agenda setting where the decision makers and public hold a discussion on the problem as well as the proposed solutions. After sufficient deliberation, the new or amended policy is adopted and implemented. Finally, there is need to evaluate the efficacy of the new policy.

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The five steps of the policy cycle are :Agenda settingPolicy formulationPolicy adoptionPolicy implementationPolicy evaluation(agenda setting) (policy adoption) ( policy implementation) (policy evaluation)

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What about it? Apply Issued Pay premiums Die death benefits paid.

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J.E Broyles has written: 'Dividend policy and the life cycle hypothesis'

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