Question

In which of the following ways can an insurance company communicate its terms of acceptance to a life insured?

a.

FPR

b.

Policy contract

c.

Consent form

d.

Proposal form

Posted under IC22 Life Insurance Underwriting

Answer: (b).Policy contract Explanation:After the underwriting process, the insurance company communicates its terms of acceptance to a life insured through a policy contract. The policy contract contains the details of the insurance cover, including the premium payable, policy period, sum assured, and terms and conditions of the policy. The policy contract is a legal document that serves as proof of the insurance cover and provides clarity on the coverage and limitations of the policy. The proposal form is the initial document submitted by the life insured to the insurer, providing details about the applicant and the risk to be covered. The FPR (Full medical underwriting - Personal statement, medical examination and doctor’s report) is a type of underwriting process that includes a personal statement, a medical examination, and a doctor's report. The consent form is a document that confirms that the life insured has read and understood the policy contract and agrees to its terms and conditions.

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Q. In which of the following ways can an insurance company communicate its terms of acceptance to a life insured?
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