Question

What are "Non-cancelable policies"?

a.

Policies that can be terminated at any time by the insurer

b.

Policies that cannot be changed or altered once issued

c.

Policies that remain in effect regardless of changes in circumstances, as long as premiums are paid

d.

Policies that are automatically renewed each year without requiring the policyholder's consent

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Policies that remain in effect regardless of changes in circumstances, as long as premiums are paid Explanation:"Non-cancelable policies" are insurance policies that remain in effect regardless of changes in circumstances, as long as the premiums are paid regularly and on time. These policies typically cannot be canceled by the insurer.

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