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

Correct Answer: The loan granted would be used as a consideration amount and balance only payable

Under the loan cum revival, the loan granted would be used as a consideration amount and balance only payable.
Bissoy MCQ
#Commerce #Insurance

Related Questions

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
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
Which is the simplest form of revival?
A Ordinary revival
B Special Revival
C Instalment revival
D Any of the above
When a medical report would be called at the time of revival?
A When the policy is in a lapsed condition for a long period
B If health problem is present
C If the sum assured is high
D All of the above
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
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
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
What is defined as the investment of loan or principal which is based not only on the original amount of the loan or principal but the amount of loaned or principal plus the previous accumulated interest?
A Effective rate of interest
B Nominal rate of interest
C Compound interest
D Simple interest
A borrower pays 18% interest per year on the first Tk. 600 he borrows and 17% per year on the part of the loan in excess of Tk. 6000. How much interests will the borrower pay on a loan of Tk. 6000 for one year?
A 926
B 1020
C 1026
D 1080
The interest charged on a loan is Tk. p per Tk. 1,000 for the first month and Tk. q per Tk. 1,000 for each month after the first month. How much interest will be charged during the first three months on a loan of Tk. 10,000?
A 30p
B 30q
C 20p+10q
D 10p+20q

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