Question

When can advance premium collection be allowed according to the regulations?

a.

If premium is collected within the same policy term

b.

If premium is collected within the same calendar year

c.

If premium is collected within the same financial year

d.

If premium is collected on the maturity date

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).If premium is collected within the same financial year Explanation:According to the regulations, advance premium collection can be allowed if premium is collected within the same financial year, and it shall only be adjusted on the due date of the premium.

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Q. When can advance premium collection be allowed according to the regulations?
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