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This question belongs to Commerce Insurance

Insurance

?

State the correct one of the following ones.

A) A policy lapses if the premium is not paid on the due date B) A policy lapses if the premium is not paid within the grace period C) A policy does not lapse at all under any conditions D) Investment risk in a ULIP policy is borne by the Insurer

Answer & Solution

Correct Answer: Option B

A policy lapses if the premium is not paid within the grace period. A policy lapses when you skip paying its premium, not just on the due date but even within the grace period—which is typically a month.

Question posted by Examveda

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