29. What is the standard length of a grace period under A. Ordinary revival B.

Special Revival
a C. Instalment revival D. Any of the above.
life insurance policy? 40. Which is the simplest form of revival?
A. One month not more than 30 days A. Ordinary revival B. Special RevivalC.
B. One month not less than 31 days Instalment revival D. Any of the above.
C. One month not more than 31 days 41. Under special revival which is correct?
D. One month not less than 30 days A. It is as though a new policy is issued by
30. When a policy is said to lapse? altering DOC
A. If premiums are paid within grace period B. The maturity date also gets altered
B. If premiums are paid after grace period C. Difference between old and new premium is
C. If premiums are not paid after grace period payable.
D. If premiums are not paid within grace period D. All the above.
31. If the policyholder dies within grace period – 42. What is the condition for special revival?
A. Claim will be rejected A. The policy should have loan value
B. Claim will be paid subject to policy conditions B. The policy must not have acquired surrender
C. Claim is payable after deducting the prem. value.
D. None of the above C. Either A or B D. Neither A nor B.
32. Revival of a life insurance policy means – 43. A loan-cum revival would mean –
A. Forcing a policy into lapse A. Granting a loan B. Revival of the policy
B. Reinstating a lapsed policy C. Both D. None
C. Not paying the premiums 44. Under the loan cum revival which of the following
D. Non-settlement of claim monies is correct?
33. Revival of a policy is not a ……… right of the insured. A. The policyholder would pay full arrears of
A. Conditional B. Unconditional premium with interest like ordinary revival.
C. Legal D. Fundamental B. The loan granted would be used as a
34. Revival would be subject to – consideration amount and balance only
A. No increase in risk cover payable. C. Both are correct D. Both are
B. Creation of reserve wrong.
C. Satisfactory evidence of insurability 45. When instalment revival can be availed?
D. All the above A. When policyholder is unable to pay full arrears
35. Satisfactory evidence of insurability would mean – of premium in lumpsum
A. Satisfactory premium payment B. When the policy could not be revived under
B. Satisfactory evidence of health special revival scheme. C. Both D. None
C. Satisfactory proposal form 46. Who gets benefited if a policy is lapsed?
D.Satisfactory terms and conditions A. Insurer B. Insured
36. If a policy is lapsed for a very short period of time only, C. Both Insurer & Insured D. None
what would be the requirement:-
47. Non-forfeiture provisions means accrual of certain
A. Medical Report B. Medical Underwriting
benefits to policyholders if premiums are paid for at least
C. Certificate of good health D. None A. One year. B. Two years
37. When a medical report would be called at the C. Three years. D. Four years.
time of 48. Loan value is a percentage of –
revival? A. Paid up value B. Surrender Value
A. When the policy is in a lapsed condition for a C. Revival Value D. None
long 49. What is the maximum %age of surrender value that
period can be granted as loan?
B. If health problem is present A. 50 percent B. 75 percent
C. If the sum assured is high D. All the above C. 80 percent D. 90 percent
38. It would be advantageous to Revive a lapsed 50. How policy loan is different from a commercial loan?
policy rather A. There is no legal obligation to repay a policy loan
than taking a new policy. Most apt reason is - B. In case of policy loan, there is no need for a
A. Fresh conditions may be imposed under a credit check.
new C. Both the above are right
policy D. None of the above is correct
B. Policyholder may not get the same policy
benefits.
C. That policy may longer be available for sale
D. Premium under a new policy would be more
based
on his latest age.
39. What is the way to revival a lapsed policy of life
insurance?