GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No-Fault
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Negligence
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Non-cancellable
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None of the Above
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Detailed explanation-1: -Meaning of noncancelable in English unable to be canceled: We only found out when it was too late that we had signed a noncancelable contract. All bids in the auction are non-cancelable. More examples. The lease is noncancelable and all payments must be made in full.
Detailed explanation-2: -Cancelable insurance is a type of policy that either the insurance company or the insured party may terminate during the coverage term. Usually, the insured can terminate a cancelable policy at any time, but If the insurer cancels the policy, they must give advanced notice and also refund any prepaid premium.
Detailed explanation-3: -A disability insurance policy is considered non-cancelable if the insurance company cannot raise rates as long as the premium is paid. A non-cancelable policy typically has a 20% additional premium charge versus guaranteed renewable only policies. Guaranteed renewable only policies do not have guaranteed level rates.