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.

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