Question

What is the purpose of the survival period in Critical Illness Assurance?

a.

To determine the premium amount

b.

To ensure the policyholder's survival after diagnosis

c.

To delay the payment of benefits

d.

To cover the cost of treatment procedures

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).To delay the payment of benefits Explanation:The survival period in Critical Illness Assurance is designed to delay the payment of benefits until the policyholder survives for a minimum number of days after the illness was first diagnosed.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the purpose of the survival period in Critical Illness Assurance?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. Which of the following is NOT typically covered under Critical Illness Assurance?

View solution

Q. How are alternative forms of Critical Illness Assurance different from traditional policies?

View solution

Q. What is the benefit of Critical Illness Assurance policies paying hospitals directly?

View solution

Q. What is Deferred Whole Life Assurance?

View solution

Q. What distinguishes Temporary Term Assurance from other types of term assurance?

View solution

Q. What is the unique feature of Term Assurance with Return of Premium?

View solution

Q. What is the characteristic of Decreasing Term Assurance?

View solution

Q. What is the primary purpose of Pure Term Assurance?

View solution

Q. What is the distinguishing feature of Increasing Term Assurance?

View solution

Q. What is the primary benefit of Whole Life Assurance?

View solution

Q. What distinguishes Double Endowment from Endowment Assurance?

View solution

Q. What is the primary characteristic of Pure Endowment?

View solution

Q. Which type of assurance provides benefit payment on death during the specified policy term and on survival at the date of maturity?

View solution

Q. What term is used to refer to the fixed benefit amount in insurance contracts?

View solution

Q. What event defines 'Death' in insurance contracts?

View solution

Q. What event defines 'Maturity' in insurance contracts?

View solution

Q. What is a Deferred Annuity?

View solution

Q. What is the typical characteristic of a participative deferred annuity?

View solution

Q. What is an Immediate Annuity?

View solution

Q. What distinguishes Temporary Annuities from Immediate Annuities?

View solution
View All MCQs on IC 92 Actuarial Aspects of Product Development

Recommended Subjects

Are you eager to expand your knowledge beyond IC 92 Actuarial Aspects of Product Development? 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!

UIDAI Aadhaar Supervisor Certification

Prepare for the UIDAI Aadhaar Supervisor Certification with our specialized category....

Environmental Engineering

Explore the critical field of Environmental Engineering with our dedicated category....

DC Machines

Dive into the fundamentals of direct current (DC) machines with our specialized...

Bioinformatics

Unlock the power of data analysis in biology with our Bioinformatics category....

Verbal Reasoning

Sharpen your logical thinking and reasoning abilities with our Verbal Reasoning...

Chemistry

Unlock the mysteries of chemistry with our Chemistry category. Delve into the...

Mechanics of Materials

Unlock the principles of Mechanics of Materials with our specialized category. Dive...

Life Sciences

Delve into the diverse world of life sciences with our specialized category. Explore...

Human Resource Management

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