Question

When is the Miscellaneous charge levied?

a.

At the time of policy issuance

b.

At the time of policy surrender

c.

Only at the time of policy alteration

d.

At the beginning of each policy month

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Only at the time of policy alteration Explanation:The Miscellaneous charge is levied for any alterations within the contract, such as an increase in sum assured, premium redirection, or change in policy term. It is expressed as a flat amount and is levied only at the time of alteration.

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