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Life Insurance Policy Loans and Interest Rates Quiz

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Life Insurance Policy Loans and Interest Rates Quiz

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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?

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?

The policy holder (correct)

The insurer

The nominee

The legal representatives of the insured

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?

3 years Signup and view all the answers

What happens if the nominee dies before the policy matures?

The amount is paid to the policy holder Signup and view all the answers

What is the purpose of a policy loan?

To provide financial assistance to the policy holder Signup and view all the answers

What is the security required for a policy loan?

The policy itself Signup and view all the answers

What happens to the policy amount if the policy holder dies after the nominee?

It is paid to the legal representatives of the insured Signup and view all the answers

What is the consequence of not communicating a change in the nominee's name to the insurer?

The nominee's name is not updated Signup and view all the answers

What is the significance of a rubber stamp indicating 'Duplicate' on a new policy document?

It indicates the policy is a duplicate copy Signup and view all the answers