Which of the below statement is correct with regards to a policy returned by a policyholder during the free look period?

A) The insurance company will refund 100% of the premium B) The insurance company will refund 50% of the premium C) The insurance company will refund the premium after adjusting for proportionate risk premium for the period on cover, medical examination expenses and stamp duty charges D) The insurance company will forfeit the entire premium

Answer & Solution

Correct Answer: Option C

The insurance company will refund the premium after adjusting for proportionate risk premium for the period on cover, medical examination expenses and stamp duty charges.

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Gs Motivation 4 years ago

13. Underwriting is the process of _____________

Gs Motivation 4 years ago

11. Though the duration of cover for pre-hospitalization expenses would vary from insurer to insurer and is defined in the policy, the most common cover is for ________ pre-hospitalization

Gs Motivation 4 years ago

10. If certain terms and conditions of the policy need to be modified at the time of issuance, it is done by setting out the amendments through?

Gs Motivation 4 years ago

10. If certain terms and conditions of the policy need to be modified at the time of issuance, it is done by setting out the amendments through.

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Which of the below statement is correct with regards to a...

Which of the below statement is correct with regards to a policy returned by a policyholder during the free look period?

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