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This question belongs to Commerce Insurance

Insurance

?

What will happen if the policy holder does not pay the premium by the due date and dies during the grace period?

A) The insurer will consider the policy void due to non- payment of premium by the due date and hence reject claim B) The insurer will pay claim and waive off the last unpaid premium C) The insurer will pay the claim after deducting the unpaid premium D) The insurer will pay the claim after deducting the unpaid premium along with interest which will be taken as 2% above the bank savings interest rate

Answer & Solution

Correct Answer: Option C

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 the unpaid premium.

Question posted by Examveda

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