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.

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