- 60 days
- 45 days
- 30 days
- 15 days only
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As per IRDA regulations issued, what is the grace period allowed beyond the expiry date of a policy for renewal?
Answer: Option 2 As per IRDA regulations issued, 30 days is the grace period allowed beyond the expiry date of a policy for renewal. The policy will lapse if the...
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What is the duration of grace period in a policy?
Answer: Option 4 The duration of grace period in a policy is 31 days.
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What is the standard length of a grace period under a life insurance policy?
Answer: Option 2 One month not less than 31 days is the standard length of a grace period under a life insurance policy. The amount of time granted in an...
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How long is the free look-in period under a term insurance policy from the date of receipt of the policy document?
Answer: Option 3 A free look period often lasts 15 days (depending on the insurer), allowing the contract holder to decide whether or not to keep the insurance policy; if...
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How much free look period is allowed from the date of receipt of health insurance policy document?
Answer: Option 2 A free look period is where a new insurance policy owner is able to terminate the contract without penalties such as surrender charges, etc. The free look...
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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?
Answer: Option 3 Rakesh recently bought a health insurance policy and a personal accident policy. The insurance market fall in Non-life insurance in both cases.
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A life insurance policy can only be made paid up if what particular policy feature exists?
Answer: Option 4 A life insurance policy can only be made paid up if Savings element policy feature exists.
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What normally happens to the sum insured under a life insurance policy once the period of the lien expires?
Answer: Option 2 The sum insured under a life insurance policy once the period of the lien expires it increases.
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Apart from the salary level, what another key feature of Alok’s job is likely to have a major impact on the level of his pension, life insurance, and health insurance needs?
Answer: Option 3 Apart from the salary level, Whether the job is in the public or private sector key feature of Alok’s job is likely to have a major impact...
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What will happen if the policy holder does not pay the premium by the due date and dies during the grace period?
Answer: Option 3 If the policy holder does not pay the premium by the due date and dies during the grace period the insurer will pay the claim after deducting...
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