Which is a Premium receipt?

Solution(By Examveda Team)

First Premium Receipt and Renewal Premium Receipt both are Premium receipt. Life insurance policy receipt issued upon payment of the first premium by an applicant. It makes the policy in force before the policy documents are issued, provided the applicant meets all requirements. Also called conditional receipt. Renewal premiums are the subsequent premiums that are paid by the insured to the insurer in order to keep the policy in operation and avail the benefits of the policy accordingly.