Q576
State the incorrect sentence.
A.
Free look period enables the insured to return the policy within 30 days of receipt of the policy bond
B.
If the policy is returned as above, no premium is refunded by the insurer
C.
PMLA is not applicable to life insurance
D.
All of the above
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
All the statements are incorrect. Free look period does not allow the insured to return the policy within 30 days of receipt of the policy bond, If the policy is returned as above, premium is refunded by the insurer and PMLA is applicable to life insurance.