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Questions and Answers
Which option describes a feature allowing late payment of an insurance premium without penalty?
Which option describes a feature allowing late payment of an insurance premium without penalty?
- Grace period (correct)
- Amendment period
- Lapse contract
- Coverage extension
What is typically the consequence if an insurance premium is paid after the grace period?
What is typically the consequence if an insurance premium is paid after the grace period?
- Immediate reinstatement of policy
- Increased premiums on policy renewal
- Coverage continues as normal
- Policy may lapse (correct)
What term refers to the cost of an insurance policy paid regularly?
What term refers to the cost of an insurance policy paid regularly?
- Claim amount
- Premium (correct)
- Deductible
- Coverage cost
What happens if payments are consistently made after the due date without any grace period?
What happens if payments are consistently made after the due date without any grace period?
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Which option is NOT related to the payment of insurance premiums?
Which option is NOT related to the payment of insurance premiums?
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