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This question belongs to Commerce Insurance

Insurance

?

What is correct

A) Insurer in certain circumstances may waive subsequent premiums B) Policy document and FPR are one and the same C) RPRs are revival premium receipt D) After issue of FPR subsequent premiums are to be paid by the assured

Answer & Solution

Correct Answer: Option D

After the issue of the FPR, the insurance company will issue subsequent premium receipts when it receives further premiums from the proposer. These receipts are known as renewal premium receipts (RPR). The RPRs act as proof of payment in the event of any disputes related to premium payment.

Question posted by Examveda

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