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.

Related MCQs

• A Policy is effected under Married Women's Property (M.W.P.) Act. If the Policy-Holder does not appoint a Special Trustee to receive and administer the Benefits under the Policy, the Sum, secured under the Policy, becomes Payable to --.
• Look at the Following Scenarios, and Select the Ones, that need to be flagged under an Anti-Money- Laundering (A.M.L.) Programme. I: A Customer cancels a Transaction, and requests to do a Second Transaction for Less Amount, in order to avoid providing His or Her Identity-Proof. II: A Customer requests an Un-Usually High Dollar- Transaction, and cannot explain the Reason for the Transaction or the Source of the Cash. III: A Customer appears Nervous and asks Un-Usual Questions about Your Record-Keeping. IV: A Customer tries to bribe a Teller.
• Isolate the Valid Combination: Type of Age-Proofs: I: Standard II: Non-Standard Age-Proofs: a: Pass-Port b: Horoscope c: Panchayat Certificate
• 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.
• What Will Happen, if the Insured-Person loses the Original Life Assurance Policy-Document?
• Identify the Option, that can be treated as a Valid Contract.
• Construct a Valid Argument in Favour of Policy-Loans.
• Select the Correct Statement, with Regard to Grace- Period. Choose the Most Appropriate Option.
• Select the Option, that is True, with Regard to Term Assurance Plans.
• Non-Traditional Life Assurance Products satisfy a Certain Motive of Many Investors. Select the Most Appropriate Option.