Question

What obligation does every insurer carrying on life insurance business have regarding policy lapses?

a.

They must renew the policy automatically

b.

They must notify the policyholder of available options upon lapse

c.

They must cancel the policy without notification

d.

They must ignore policy lapses

Posted under IC 14 Regulations of Insurance Business

Answer: (b).They must notify the policyholder of available options upon lapse Explanation:Every insurer carrying on life insurance business is required to give notice to the holder of a life insurance policy informing them of the options available upon lapsing of the policy.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What obligation does every insurer carrying on life insurance business have regarding policy lapses?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. Within what timeframe must a life insurance company settle or dispute a claim?

View solution

Q. What is the motive behind the Key Feature Document?

View solution

Q. What is the temporary insurance certificate issued to the customer before issuing the insurance policy known as?

View solution

Q. Within how many days should a proposal be processed by the insurer?

View solution

Q. Free look option has to be exercised within how many days?

View solution

Q. ___________was created by the Government of India for quick disposal of grievances of the insured customers.

View solution

Q. What is the penal interest that the insurance company has to give to the claimant in case of delay in payment of claim?

View solution

Q. What should be the font size of the Key Feature Document?

View solution

Q. Which of the following fall in the pre-sale stage of the insurance policy?

View solution

Q. What is the ceiling limit for the premium for all riders put together?

View solution

Q. ________ is a legal document setting out the terms and conditions of the contract.

View solution

Q. Which rules have been framed by the Central Government in 1988 to resolve all complaints related to settlement of complaints?

View solution

Q. Who should be appointed for assessing the loss / claim?

View solution
View All MCQs on IC 14 Regulations of Insurance Business

Recommended Subjects

Are you eager to expand your knowledge beyond IC 14 Regulations of Insurance Business? 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!

Microbiology

Uncover the fascinating world of microbes with our Microbiology category. Delve into...

Financial Management and Financial Markets

Master the world of finance with our Financial Management and Financial Markets...

Environment Management

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

Human Resource Management

Explore the dynamic field of Human Resource Management (HRM) with our dedicated...

Power Plant Engineering

Embark on a journey through the fascinating domain of Power Plant Engineering, where...

Non Verbal Reasoning

Enhance your cognitive abilities with our Non-Verbal Reasoning category. Dive into...

Foundation Engineering

Master the principles of Foundation Engineering with our specialized category....

Professional Communication

Hone your communication skills with our Professional Communication category. Enhance...

IC 92 Actuarial Aspects of Product Development

Sharpen your understanding of actuarial principles in product development with our...