Question

If any information that is material to the insurer is suppressed in the original application (proposal form) at the time of issue of contract, the insurer may:

a.

Cancel the contract

b.

Require the policyholder to pay penalty

c.

Demand further details from the applicant

d.

None of the above

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (a).Cancel the contract Explanation:If any information that is material to the insurer is suppressed in the original application (proposal form) at the time of issue of contract, the insurer may cancel the contract.

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Q. If any information that is material to the insurer is suppressed in the original application (proposal form) at the time of issue of contract, the insurer may:
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