Insurance - Study Mode

[#771] Which is a Premium receipt?
Correct Answer

(C) Both A & B

Explanation

Solution: First Premium Receipt and Renewal Premium Receipt both are Premium receipt. Life insurance policy receipt issued upon payment of the first premium by an applicant. It makes the policy in force before the policy documents are issued, provided the applicant meets all requirements. Also called conditional receipt. Renewal premiums are the subsequent premiums that are paid by the insured to the insurer in order to keep the policy in operation and avail the benefits of the policy accordingly.

[#772] Which will act as a proof of premium payment should any dispute arise as to premium payment?
Correct Answer

(B) R.P.R

[#773] Which is evidence of contract?
Correct Answer

(A) Policy document

Explanation

Solution: Policy document is evidence of contract. Policy document is a detailed document and it is the Evidence of the insurance contract which mentions all the terms and conditions of the insurance.

[#774] What are the parts of a policy bond?
Correct Answer

(D) All of the above

Explanation

Solution: Policy schedule, Standard provisions and Specific provisions are the parts of a policy bond.

[#775] Which of the following information is not found in the Policy Schedule?
Correct Answer

(C) Rights/Privileges

Explanation

Solution: Rights/Privileges information is not found in the Policy Schedule.