Insurance - Study Mode

[#271] A loan-cum revival would mean –
Correct Answer

(C) Both A & B

Explanation

Solution: A loan-cum revival would mean Granting a loan and Revival of the policy. If a policy acquires the surrender value, the date of the policy can be revived by a policy loan. The loan amount will be calculated and treated as premiums paid upto the date of the revival. If a loan amount is more than the required revival, the excess will be paid to the policyholder.

[#272] Under the loan cum revival which of the following is correct?
Correct Answer

(B) The loan granted would be used as a consideration amount and balance only payable

Explanation

Solution: Under the loan cum revival, the loan granted would be used as a consideration amount and balance only payable.

[#273] When instalment revival can be availed?
Correct Answer

(C) Both A & B

Explanation

Solution: Instalment revival can be availed when policyholder is unable to pay full arrears of premium in lumpsum and when the policy could not be revived under special revival scheme.

[#274] Who gets benefited if a policy is lapsed?
Correct Answer

(D) None of the above

Explanation

Solution: A lapsed policy means that the benefit of insurance will not be available to protect the financial interest of the dependants in the event of the death of the insured.

[#275] Non-forfeiture provisions means accrual of certain benefits to policyholders if premiums are paid for at least
Correct Answer

(C) Three years

Explanation

Solution: Non-forfeiture provisions means accrual of certain benefits to policyholders if premiums are paid for at least three years.