Question

How does dating back of policy benefit the insured?

a.

By providing them with more coverage

b.

By giving them a higher entry age

c.

By reducing the tenure of the policy contract

d.

By giving them a discount on their premium throughout the tenure of the policy

Posted under IC22 Life Insurance Underwriting

Answer: (d).By giving them a discount on their premium throughout the tenure of the policy Explanation:The insured benefits from dating back of policy by way of discount on their premium throughout the tenure of the policy.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. How does dating back of policy benefit the insured?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. Can term plans be back-dated?

View solution

Q. What is the advantage of dating back of policy?

View solution

Q. Why do insurers allow dating back of policy?

View solution

Q. What is the dating back of policy?

View solution

Q. How are the terms of acceptance communicated to the client?

View solution

Q. What is a modified terms contract?

View solution

Q. When is a policy issued with extra premium?

View solution

Q. When is a proposal referred to reinsurers for their decision?

View solution

Q. What documents are necessary for an underwriter to review for risk selection?

View solution

Q. What factors determine the amount of premium loading an insurer imposes?

View solution

Q. What is Premium Loading?

View solution

Q. What is the benefit of the critical illness rider?

View solution

Q. What is the role of insurance companies in defining the conditions for which the critical illness rider is payable?

View solution

Q. What is the purpose of the critical illness rider?

View solution

Q. What is the time period within which the benefit is generally paid under the critical illness rider?

View solution

Q. What is the difference between a critical illness rider and an insurance mediclaim policy?

View solution

Q. Which of the following critical illnesses may be covered by an insurance company under the critical illness rider?

View solution

Q. When is the benefit payable to the insured under a critical illness rider?

View solution

Q. What is a critical illness rider?

View solution

Q. What is a term rider in a life insurance policy?

View solution
View All MCQs on IC22 Life Insurance Underwriting

Recommended Subjects

Are you eager to expand your knowledge beyond IC22 Life Insurance Underwriting? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Geotechnical Engineering

Dive into the world of Geotechnical Engineering with our dedicated category. Explore...

Railway Engineering

Embark on a journey through the world of railway systems with our Railway Engineering...

Environment Management

Master the art of Environment Management with our specialized category. Explore...

IC38 Life Insurance Agent Exam

Prepare for success in the Insurance Institute of India (III) IC38 IRDA examination...

Basic Chemical Engineering

Get a solid foundation in Chemical Engineering with our Basic Chemical Engineering...

Enzyme Technology

Unlock the power of enzymes with our Enzyme Technology category. Explore enzyme...

Automotive Engine Design

Embark on a thrilling exploration of Automotive Engine Design, where the intricacies...

Irrigation Engineering

Master the science of Irrigation Engineering with our dedicated category. Explore...

Human and Cultural Diversity

Explore the rich tapestry of human societies with our Human and Cultural Diversity...