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
B 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

Correct Answer: Evidence of insurability at revival

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.
Bissoy MCQ
#Commerce #Insurance

Related Questions

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
According to a survey of business firms in a certain city, 750 firms offer their employees health insurance , 640 offer dental insurance and 280 offer health insurance and dental insurance. How many firms offer their employees health insurance or dental
A 920
B 1,100
C 1,110
D 1,030
Amrita is pregnant. She has applied for a term insurance cover. WHICH of the below option will be the best option to choose for an underwriter to offer insurance to Amrita? Choose the most likely option.
A Acceptance at ordinary
B Acceptance with extra premium
C Decline the proposal
D Acceptance with a restrictive clause
When is a policy deemed to be lapsed?
A If the premiums are not paid on due date
B If the premiums are not paid before the due date
C If the premium has not been paid even during days of grace
D If the policy is surrendered
If a policy is lapsed for a very short period of time only, what would be the requirement:-
A Medical Report
B Medical Underwriting
C Certificate of good health
D None of the above
Who gets benefited if a policy is lapsed?
A Insurer
B Insured
C Both Insurer & Insured
D None of the above
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
Mr. Zaman is insured completely for Tk. 1,50,000 against damages to his machinery. For any damage over Tk. 1,50,000 the insurance company will pay Tk. 1,50,000 plus 15% of the additional damage. For a recent accident, Mr. Zaman was paid Tk. 1,56,000 by the insurance company. What was the total amount to the damage estimated?
A Tk. 1,04,000
B Tk. 90,000
C Tk. 40,000
D Tk. 80,000
Mr. Rahman is insured completely for Tk. 50,000 of damages to his machinery. For any damage above Tk. 50,000 the insurance company will pay Tk. 50,000 plus 20% of the rest of the damage amount. For a recent accident, Mr. Rahman was paid Tk. 56,000 by the insurance company. What was the total amount of the damage estimated?
A Tk. 30,000
B Tk. 280,000
C Tk. 104,000
D Tk. 80,000
Mr. Rahman is insured completely for Tk. 50,000 of damages to his machinery. For any damage above Tk. 50,000, the insurance company will pay Tk. 50,000 plus 20% of the rest of the damage amount. For a recent accident, Mr. Rahman was paid Tk. 56,000 by the insurance company. What was the total amount of the damage estimated?
A Tk. 30,000
B Tk. 2,80,000
C Tk. 1,04,000
D Tk. 80,000

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