Question

What is the revival of a policy?

a.

Surrendering the policy for a refund

b.

Cancelling the policy due to non-payment of premium

c.

Restoration of a discontinued policy by the insurer upon payment of due premiums

d.

Altering the terms of the policy

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Restoration of a discontinued policy by the insurer upon payment of due premiums Explanation:Revival of a policy refers to the restoration of a discontinued policy by the insurer with all the benefits mentioned in the policy document, upon the receipt of all the premiums due and other charges, as per the terms and conditions of the policy.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the revival of a policy?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the revival period?

View solution

Q. What are single premium products?

View solution

Q. What is the Sum Assured on death?

View solution

Q. What is Sum Assured on maturity?

View solution

Q. What does surrender mean?

View solution

Q. What is Surrender Value?

View solution

Q. What are switches in insurance?

View solution

Q. What are Non-linked or linked Whole Life products?

View solution

Q. What is a top-up premium?

View solution

Q. What do units represent in a unit-linked fund?

View solution

Q. How is an accident defined in insurance?

View solution

Q. What does accident benefit provide for?

View solution

Q. What do age limits stipulate in insurance?

View solution

Q. What is the role of an insurance agent?

View solution

Q. What do annuity plans provide for?

View solution

Q. What is the purpose of an application form in insurance?

View solution

Q. What does assignment mean in insurance?

View solution

Q. Who is a beneficiary in the context of an insurance policy?

View solution

Q. What does business insurance primarily provide coverage for?

View solution

Q. What is a Convertible Whole Life Policy?

View solution
View All MCQs on IC 92 Actuarial Aspects of Product Development

Recommended Subjects

Are you eager to expand your knowledge beyond IC 92 Actuarial Aspects of Product Development? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

DC Machines

Dive into the fundamentals of direct current (DC) machines with our specialized...

Data Interpretation

Master the art of data analysis and interpretation with our Data Interpretation...

Biochemical Engineering

Master the synergy of biology and engineering with our Biochemical Engineering...

Mechanics of Materials

Unlock the principles of Mechanics of Materials with our specialized category. Dive...

Avionics Engineering

Soar into the world of aviation technology with our Avionics Engineering category....

Mechanical Engineering

Explore the world of Mechanical Engineering with our specialized category. Dive into...

Fluid Mechanics

Unlock the mysteries of fluids and their behavior with our Fluid Mechanics category....

Total Quality Management

Enhance your understanding of quality management with our Total Quality Management...

Logical Reasoning

Enhance your logical thinking and decision-making abilities with our Logical...