Which one of the following statements is correct?

A. The foreign exchange regulations apply if the life insured is a non-resident

B. The foreign exchange regulations apply if the claimant is a non-resident

C. Both the statements above are correct

D. Both the statements above are wrong

Answer: Option C

Solution(By Examveda Team)

Both the statements are correct.
The foreign exchange regulations apply if the life insured is a non-resident. The foreign exchange regulations apply if the claimant is a non-resident.