GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Group Insurance
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Social Insurance
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Hospital Insurance
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Renewable Term Insurance
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Detailed explanation-1: -The policyholder has the option of renewing a Term Insurance at the end of a term without evidence of insurability. This is usually applicable for a limited number of successive terms.
Detailed explanation-2: -If a policy is “renewable, ‘’ that means it continues in force for an additional term or terms, up to a specified age, even if the health of the insured (or other factors) would cause him or her to be rejected if he or she applied for a new life insurance policy.
Detailed explanation-3: -Non-renewable term insurance is a term insurance that cannot be renewed after the term of the concerned insurance contract has finished. When the term ends, the policy termination is without value and if the insured wishing to seek coverage, one would be required to prove insurability based on his or her attained age.