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.

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 period?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

Q. What does coverage refer to in insurance?

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!

Life Sciences

Delve into the diverse world of life sciences with our specialized category. Explore...

DC Machines

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

Environmental Engineering

Explore the critical field of Environmental Engineering with our dedicated category....

Drug and Pharmaceutical Biotechnology

Navigate the world of pharmaceuticals and biotechnology with our dedicated category....

Optical Communication

Explore the world of high-speed data transmission with our Optical Communication...

Environmental Biotechnology

Discover the intersection of biology and environmental science with our Environmental...

Food Engineering

Explore the fascinating world of Food Engineering with our specialized category....

Engineering Materials

Discover the building blocks of engineering with our Engineering Materials category....

Waste Water Engineering

Navigate the challenges of wastewater treatment and management with our Waste Water...