Q465
During the revival of a lapsed policy, which of the below aspect is considered most significant by the insurance company? Choose the most appropriate option.
A.
Evidence of insurability at revival
AnswerB.
Revival of the policy leading to increase in risk for the insurance company
C.
Payment of unpaid premiums with interest
D.
Insured submitting the revival application within a specified time frame
Answer: Option A
Solution
Answer: Option A
Solution:
During the revival of a lapsed policy, Evidence of insurability at revival is considered most significant by the insurance company. A lapsed policy means that the benefit of insurance will not be available to protect the financial interest of the dependants in the event of the death of the insured.