Q. What does the paid-up option in insurance contracts entail?

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Q. What alteration option involves changing the ownership of the policy?

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Q. In a group insurance policy, what option is typically offered to individual members who leave the group?

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Q. What does the grace period in insurance policies typically refer to?

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Q. What does the free look cancellation option in insurance policies allow?

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Q. Which alteration involves changing the mode of premium payment from monthly to yearly?

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Q. What is the purpose of the conversion option in a deferred pension plan?

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Q. What type of alteration typically incurs charges from the insurer?

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Q. What does the term "Guaranteed Surrender Value" refer to in life insurance contracts?

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Q. Which of the following is generally known as the "statutory surrender value" in life insurance policies?

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Q. What are "Guaranteed Additions" in life insurance contracts?

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Q. Which of the following is NOT typically offered as a guarantee in life insurance contracts?

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Q. What is the purpose of "Guaranteed Additions" in life insurance contracts?

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Q. What does the term "Guaranteed Maturity Benefit" refer to in insurance contracts?

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Q. What are 'With profit contracts' in insurance?

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Q. What is the purpose of with-profit contracts offering bonuses or dividends?

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Q. How are bonuses usually expressed in 'with profit contracts'?

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Q. What happens once a bonus is declared by an insurer in a with-profit contract?

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Q. What is the purpose of smoothing in with-profit policies?

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Q. What is a reversionary bonus in with-profit policies?

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