ISR3702 Assignment 2 Semester 1 2023 Question 1 (50 marks) The Chief of a South African tribe collected the following information about their tribe: Number of the tribe members = 9 800 Mortality factor for people aged 30 = 0,016 After obtaining this information, the Chief communicated the following plan to the tribe in their first meeting, held on 12 January 2023: Strategic objective Assist tribe members to obtain death and funeral policies by 28 February 2023. Initiatives The initiatives of the Chief are classified in the following categories: (i) Administration 1. Obtain household member list showing names, gender, ID number, education level from each tribe household, by 10 January 2023. 2. Tribe members to timeously update and submit their family changes to the Office of the Chief. 3. Obtain insurance cover for each member of the family. 4. Obtain at least 3 quotes and choose the cheapest, with the limited exclusions. 5. Pay insurance premium on behalf of the tribe households, before the date of grace period. 6. Collect premium from households, as per their signed insurance policy. 7. Timeously submit claim documents to the insurer. 8. Keep the original policy documents 9. Provide tribe members with copies of their policies. 10. Use a tribe bank account to pay premiums, receive policy proceeds and distribute the benefits to the claimants. ISR3702 Page 2 of 3 (ii) Benefits to be obtained 11. Obtain insurance cover for children (ages from 0-17 years) as follows: a. Funeral policy of R40 000 for each person b. Death policy of R80 000 for each person