Question

What is the lock-in period in insurance policies?

a.

The period during which policyholders cannot surrender their policies

b.

The period during which policy proceeds cannot be paid except in certain circumstances

c.

The period during which policyholders can make partial withdrawals

d.

The period during which policyholders can switch to a different policy

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).The period during which policy proceeds cannot be paid except in certain circumstances Explanation:Lock-in period refers to the period of five consecutive years from the date of commencement of the policy, during which the proceeds of the discontinued policies cannot be paid by the insurer to the policyholder or to the insured, except in specific circumstances.

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