Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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The paid up value becomes the reduced SA payable on maturity or on death, as per the conditions of the policy.
When a policy lapses, neither the insurer nor the insured is benefited. The life assured loses the life insurance cover.
The word 'revival' means 'to bring back to life'. A revival requires that the arrears of premiums be paid with interest
Ordinary revival - payment of arrears of premium with interest. A declaration of good health or some other evidence of insurability like a medical examination is necessary
Special revival - the policy has run for less than three years and has not acquired minimum surrender value
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