Question

What does discontinuance of a policy mean?

a.

Surrendering the policy after the grace period

b.

Non-payment of premium after the grace period

c.

Conversion of the policy into a paid-up policy

d.

Policy reaching the end of the term

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).Non-payment of premium after the grace period Explanation:Discontinuance of a policy refers to the state of a policy that could arise on account of non-payment of the contractual premium due before the expiry of the notice period as per regulation.

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