Question

What is the revival period?

a.

The period during which policyholders can make partial withdrawals

b.

The period during which the insurer can revise the terms of the policy

c.

The period during which the policyholder is entitled to revive a discontinued policy

d.

The period during which policyholders can switch to a different policy

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).The period during which the policyholder is entitled to revive a discontinued policy Explanation:Revival Period refers to the period of two consecutive years from the date of discontinuance of the policy, during which the policyholder is entitled to revive the policy which was discontinued due to the non-payment of premium.

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