[Solved] What Does, First Premium Receipt (F.P.R.), signify?

Q.	What Does, First Premium Receipt (F.P.R.), signify?
A.	Free-Look Period has ended.
B.	It is the Evidence, that the Policy-Contract has begun.
C.	Policy cannot be cancelled, Now.
D.	Policy has acquired a Certain Cash-Value.
Answer» B. It is the Evidence, that the Policy-Contract has begun.

844

Do you find this helpful?

View all MCQs in

Insurance Exam (LIFE)

Discussion

No comments yet

Related MCQs

Which One of the Following Documents, will be issued by the Insurance Company, on Receipt of Subsequent Premiums, After the First Premium?
The Premium, Paid for Whole-Life Assurance, is --- than the Premium, Paid for Term Assurance.
Which of the Following, are the Components, used to calculate the Gross Premium? I: Net Premium. II: Expense-Loading. III: Loading for Contingencies. IV: Bonus-Loading.
What Does the Term: “Premium”, Denote, in Relation to an Insurance Policy?
With Regards to Mis-Statement of Age, Select the Valid Option: I: An Under-Statement of Age, will result in the Original Policy being re-issued, for a Reduced Amount. II: An Over-Statement of Age, will, usually, result in a Refund of Premium-Payment.
--- means that, the Applicants, Who are exposed to Similar Degrees of Risk, must be placed in the Same Premium-Class.
Mr. Sudhir had taken an Insurance-Cover of Rupees 25 Lakhs, from ABC Insurance Company, 20 Years Back. On Maturity, the Company pays the Sum-Assured Plus Accumulated Bonuses, Less the Dues (Outstanding Premium(s)), as the Maturity-Claim, to Mr. Sudhir. Which Type of Plan, was taken, by Mr. Sudhir?
Which Element of a Valid Contract, relates to Insurance-Premium?
In Relation to Life Assurance, Look at the Following Two Statements, and Select the True One(s): I: Age is Material Information, and may affect the Terms of Underwriting. II: If Age is Found to be Different, the Only Effect is on the Premium-Rate.
Explain to us, Why, Young People are charged Less Life Assurance Premium, when compared to the Old People.