Que. 1 : ________________________: The insured must also pay any outstanding policy loan or reinstate any indebtedness that may have existed.
   1.  No increase in risk for insurer
   2.  Payment of overdue premiums with interest
   3.  Payment of outstanding loan
   4.  Revival application within specific time period
 
Que. 2 : Which of the below is a type of revival?
   1.  Ordinary revival
   2.  Special revival
   3.  Loan cum revival
   4.  All of the above
 
Que. 3 : Which of the below is a type of revival?
   1.  Ordinary revival
   2.  Special revival
   3.  Instalment revival
   4.  All of the above
 
Que. 4 : ______________________ : The simplest form of revival is one that involves payment of arrears of premium with interest. This has been termed as ordinary revival and is affected when the policy has acquired surrender value. The insurer would also call for a declaration of good health or some other evidence of insurability like a medical examination.
   1.  Ordinary revival
   2.  Special revival
   3.  Instalment revival
   4.  All of the above
 
Que. 5 : ______________________ : What do we do when the policy has run for less than three years and has not acquired minimum surrender value (i.e. the accumulated reserves or cash value is insignificant) but the period of lapse is large?, say the policy is coming up for revival after a period of one year or more since the date of first unpaid premium. One way to revive it is through a scheme known as special revival (which is for instance prevalent in LIC of India). Here it is as though a new policy has been written, whose date of commencement is within two years of the original date of commencement of the lapsed policy. The maturity date shall not exceed the original stipulated period as applicable to certain lives at the time of taking the policy.
   1.  Ordinary revival
   2.  Special revival
   3.  Instalment revival
   4.  All of the above
 
Que. 6 : ________________:Finally we have instalment revival which is allowed when the policyholder is not in a position to pay arrears of premium in a lump sum and neither can the policy be revived under special revival scheme. The arrears of premium in such case would be calculated in the usual manner as under an ordinary revival scheme. Depending on the mode of payment (quarterly or half yearly) the life assured may be required to pay one half yearly or two quarterly premiums. The balance of arrears to be paid would then be spread so as to be paid with future premiums on premium due dates, during a period of two years or more, including the current policy anniversary year and two full policy anniversaries thereafter. A condition may be imposed that there should be no outstanding loan under the policy at the time of revival.
   1.  Ordinary revival
   2.  Special revival
   3.  Instalment revival
   4.  All of the above
 
Que. 7 : _______________________:Life insurers normally have a chart that lists the surrender values at various times and also the method that will be used for calculating the surrender values. The formula takes into account the type and plan of insurance, age of the policy and the length of the policy premium-paying period. The actual amount of cash one gets in hand on surrender may be different from the surrender value amount prescribed in the policy. This is because paid up additions, bonuses or dividend accumulations, advance premium payments or gaps in premiums, policy loans etc. may result in additions or subtractions from the cash surrender value accrued. What the policyholder ultimately receives is a net surrender value.Surrender Value is a percentage of paid-up value. Surrender Value arrived as a percentage of premiums paid is called Guaranteed Surrender Value.
   1.  Surrender values
   2.  Policy loans
   3.  Nomination
   4.  All of the above
 
Que. 8 : ____________ :Life insurance policies that accumulate a cash value also have a provision to grant the policyholder the right to borrow money from the insurer by using the cash value of the policy as a security for the loan. The policy loan is usually limited to a percentage of the policy’s surrender value (say 90%). Note that the policyholder borrows from his own account. He or she would have been eligible to get the amount if the policy had been surrendered.
   1.  Surrender values
   2.  Policy loans
   3.  Nomination
   4.  All of the above
 
Que. 9 : ______________ is where the life assured proposes the name of the person(s) to whom the sum assured should be paid by the insurance company after their death.
   1.  Surrender values
   2.  Policy loans
   3.  Nomination
   4.  All of the above
 
Que. 10 : Nominees are entitled for valid discharge and have to hold the money as a __________________ on behalf of those entitled to it.
   1.  Trustee
   2.  Legal heir
   3.  Surrender values
   4.  None of the above

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