Given below are some events that will trigger survival claims. Identify which of the below statement is incorrect?
A. Claim paid on maturity of a term insurance policy
B. An instalment payable upon reaching the milestone under a money-back policy
C. Claim paid for critical illnesses covered under the policy as a rider benefit
D. Surrender value paid on surrender of an endowment policy by the policyholder
Answer: Option A
Solution (By Examveda Team)
Claim paid on maturity of a term insurance policy will trigger survival claims. The payment by the insurer to the insured on the date of maturity is called maturity payment. The amount payable at the time of the maturity includes a sum assured and bonus/incentives, if any.Related Questions on Insurance
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