Q. What is the primary reason for requiring satisfactory evidence of continued insurability?

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Q. Which time frame is generally specified for completing the revival application for a lapsed policy?

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Q. What is the primary purpose of revival of lapsed policies for life insurers?

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Q. What is "surrender value" in the context of life insurance policies?

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Q. How is the surrender value calculated for life insurance policies?

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Q. What is the "Guaranteed Surrender Value" (GSV) in the context of life insurance policies?

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Q. Why may the actual surrender value differ from the value mentioned in the policy?

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Q. What purpose does the Guaranteed Surrender Value (GSV) serve for policyholders?

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Q. What is the primary purpose of policy loans in life insurance?

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Q. How is the amount of a policy loan determined?

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Q. What happens if a policyholder does not repay a policy loan?

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Q. Why is the policy assigned to the insurer when a policy loan is granted?

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Q. What happens to a nominee's rights when a policy loan is outstanding?

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Q. What does the process of nomination in life insurance involve?

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Q. How many nominees can the life assured nominate for a policy?

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Q. What is the role of the nominees in a life insurance policy?

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Q. When can a policyholder make changes to the nomination for a life insurance policy?

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Q. What right does a nominee have in a life insurance claim?

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Q. According to Section 39(7) of the Insurance Act, 1938, who becomes beneficially entitled to the claim amount for policies maturing after 26th December 2014?

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Q. In the case where the nominee is a minor, what additional step must the policyholder take?

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