Question

What are partial withdrawals in insurance?

a.

Withdrawal of the entire policy amount

b.

Withdrawal of a portion of the fund by the policyholder during the policy term

c.

Withdrawal of premiums paid in excess of the sum assured

d.

Withdrawal of premiums paid after the grace period

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).Withdrawal of a portion of the fund by the policyholder during the policy term Explanation:Partial Withdrawals refer to any part of the fund/partial withdrawal that is encashed/withdrawn by the policyholder during the period of the contract.

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