Question

What may be required when policy alterations involve a material change in policy conditions?

a.

Alteration without consent from the insurer

b.

Canceling the existing policies and issuing new ones

c.

Seeking consent from the policyholder only

d.

Filing a formal complaint with the insurance regulator

Posted under IC38 Life Insurance Agent Exam

Answer: (b).Canceling the existing policies and issuing new ones Explanation:When policy alterations involve a material change in policy conditions, it may be necessary to cancel the existing policies and issue new ones.

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Q. What may be required when policy alterations involve a material change in policy conditions?
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