What is the way to revival a lapsed policy of life insurance?
A. Ordinary revival
B. Special Revival
C. Instalment revival
D. Any of the above
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Which is the simplest form of revival?
A. Ordinary revival
B. Special Revival
C. Instalment revival
D. Any of the above
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Under special revival which is correct?
A. It is as though a new policy is issued by altering DOC
B. The maturity date also gets altered
C. Difference between old and new premium is payable
D. All of the above
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What is the condition for special revival?
A. The policy should have loan value
B. The policy must not have acquired surrender value
C. Either A or B
D. Neither A nor B
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A loan-cum revival would mean –
A. Granting a loan
B. Revival of the policy
C. Both A & B
D. None of the above
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Under the loan cum revival which of the following is correct?
A. The policyholder would pay full arrears of premium with interest like ordinary revival
B. The loan granted would be used as a consideration amount and balance only payable
C. Both A & B
D. None of the above
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When instalment revival can be availed?
A. When policyholder is unable to pay full arrears of premium in lumpsum
B. When the policy could not be revived under special revival scheme
C. Both A & B
D. None of the above
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Who gets benefited if a policy is lapsed?
A. Insurer
B. Insured
C. Both Insurer & Insured
D. None of the above
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Non-forfeiture provisions means accrual of certain benefits to policyholders if premiums are paid for at least
A. One year
B. Two years
C. Three years
D. Four years
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Loan value is a percentage of –
A. Paid up value
B. Surrender Value
C. Revival Value
D. None of the above
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What is the maximum %age of surrender value that can be granted as loan?
A. 50 percent
B. 75 percent
C. 80 percent
D. 90 percent
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In so far policy loans are concerned, which one of the following is correct?
A. The policy has to be assigned in favour of the insurer
B. Such an assignment will not cancel the nomination already made
C. Both A & B
D. None of the above
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If both policy loan and premiums are not paid, the outstanding loan/interest may exceed the policy’s cash value. What would the insurer do in such an eventuality?
A. Surrender
B. Revival
C. Cancellation
D. Foreclosure
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In respect of nomination, which one of the following is incorrect?
A. Where the nominee is a minor, an appointee has to be appointed
B. The appointee has to given his/her written consent
C. Nominee has right to whole/part of the claim
D. None of the above
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Where more than one nominee is nominated –
A. The death claim monies will be shared
B. The death claim monies is payable jointly
C. Both A & B
D. None of the above is correct
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Assignment involves transfer of _________ under the policy to another person/entity.
A. Rights
B. Title
C. Ownership
D. Any of the above
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The person who transfer rights is called _________ and the person who receives the right is called _________
A. Nominee, Assignee
B. Appointee, Assignee
C. Assignor, Assignee
D. Lender, Loanee
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What is common between nomination and assignment?
A. Both can be done at the time of taking the policy
B. Both are done as per Insurance Act, 1938
C. Both involve transfer of rights under the policy
D. None of the above
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In respect of Assignment which of the following is correct?
A. Assignee becomes owner of the policy
B. Assignee cannot have better rights than assignor
C. Both A & B
D. None of the above
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Which of the following is correct?
A. Under absolute assignment, the assignee will have all rights
B. The assignee can deal with the policy in any manner
C. Under conditional assignment the policy shall revert back to the assignor on the happening of an event
D. All of the above
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