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Questions and Answers
What is the primary purpose of verifying whether an FIR is filed in case of loss of policy by theft?
What is the primary purpose of verifying whether an FIR is filed in case of loss of policy by theft?
- To issue a duplicate policy document
- To identify the policy holder's nominee
- To calculate the surrender value of the policy
- To determine the validity of the claim (correct)
Who bears the costs of issuing a duplicate policy document?
Who bears the costs of issuing a duplicate policy document?
- The policy holder (correct)
- The insurer
- The nominee
- The legal representatives of the insured
What is the basis for calculating surrender value?
What is the basis for calculating surrender value?
- Actual premium paid and number of years the policy is in force (correct)
- Age of the policy holder
- Number of years the policy is in force only
- Actual premium paid only
What is the minimum period required for a surrender value in LIC?
What is the minimum period required for a surrender value in LIC?
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What happens if the nominee dies before the policy matures?
What happens if the nominee dies before the policy matures?
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What is the purpose of a policy loan?
What is the purpose of a policy loan?
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What is the security required for a policy loan?
What is the security required for a policy loan?
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What happens to the policy amount if the policy holder dies after the nominee?
What happens to the policy amount if the policy holder dies after the nominee?
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What is the consequence of not communicating a change in the nominee's name to the insurer?
What is the consequence of not communicating a change in the nominee's name to the insurer?
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What is the significance of a rubber stamp indicating 'Duplicate' on a new policy document?
What is the significance of a rubber stamp indicating 'Duplicate' on a new policy document?
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