What is a policy withdrawal?

A Discontinuation of premium payment by policyholder
B Surrender of policy in return for acquired surrender value
C Policy upgrade
D Policy downgrade

Correct Answer: Surrender of policy in return for acquired surrender value

Policy withdrawal is Surrender of policy in return for acquired surrender value. In case of life insurance, if you surrender a policy before the completion of its full term, you could get back a portion of the money you paid as premium, after deducting charges. This money is surrender value.
Bissoy MCQ
#Commerce #Insurance

Related Questions

A policy document for a money-back policy includes the statement of the proposal and declaration signed by the proposer form the basis of the contract's. In which main section of the policy document will this normally appear?
A Attestation
B Operative clause
C Preamble
D Terms and conditions
The flexor withdrawal reflex is a
A Protective reflex
B Spinal cord reflex
C Polysynaptic 'reflex
D Monosynaptic reflex
E Muscle stretch reflex
The withdrawal symptoms of benzodiazepine are
A Insomnia
B Tremor
C Euphoria
D Depression and suicidal thinking
E Extrapyramidal symptoms
Recognized features of benzodiazepine withdrawal are
A Hallucination
B Convulsion
C Heightened sensory perception
D Bradycardia
E Poverty of speech
A taper provided on the pattern for its easy and clean withdrawal from the mould is known as
A Machining allowance
B Draft allowance
C Shrinkage allowance
D Distortion allowance
The British Prime Minister Atlee announced the withdrawal of the Britishers in the House of Commons from India on
A February 20, 1942
B February 20, 1947
C March 20, 1947
D March 20, 1942
You are the administrator of contoso.local domain. You organize the domain into organizational units as shown in the EXHIBIT. You configure the local security options and other settings for the default domain policy object You delegate administration of Michigan and Florida OU. You want to prevent those administrators from creating any other group policy objects with settings that conflict with those you configured.What should you do?
A From the group policy options from the contoso.local domains set the option not override
B From the group policy options from the Michigan and Florida OU, set the option not override
C Block the group policy inheritance for the contoso.local domain
D Block the group policy inheritance for Michigan and Florida OU
E None of above
How long is the free look-in period under a term insurance policy from the date of receipt of the policy document?
A 5 days
B 10 days
C 15 days
D 20 days
Rakesh recently bought a health insurance policy and a personal accident policy. What main section(s) of the insurance market do these products normally fall into?
A Life insurance in both cases
B Life insurance for health and non-life insurance for personal accident
C Non-life insurance in both cases
D Non-life insurance for health and life insurance for personal accident
Once an absolute assignment is effected under a life insurance policy, who will be the titleholder(s) of this policy?
A The assignor in all cases
B The assignee in all cases
C Either the assignor or assignee depending on the type of policy involved
D The assignor and assignee jointly

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