Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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Claims Concession: If under a policy at least three full years' premium is paid and if the subsequent premium remains unpaid and the death claim arises within six months of the first unpaid premium, the claim is settled in full, as if the policy had remained in full force.
Extended claims concession: Similarly, if under a policy at least five full years premium is paid and if the subsequent premium remains unpaid and the death claim arises within twelve months of the first unpaid premium, the claim is settled in full, as if the policy had remained in full force.
The Indian Evidence Act provides for presumption of death in case a person has not been heard of for 7 years.
It is necessary that premiums are paid till the date of decree presuming death of the life assured.
Riders are voluntary and not compulsory. Riders need additional amount of premium. No single rider will have a premium that exceeds the basic premium of the policy selected.
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