The correct answer is: A. Amount of premium need not be shown; only sum assured is to be shown.
The amount of premium is one of the most important details of a life insurance policy. It is the amount of money that the policyholder pays to the insurance company in exchange for coverage. The amount of premium is based on a number of factors, including the age of the policyholder, the health of the policyholder, the amount of coverage, and the length of the policy.
The sum assured is the amount of money that the insurance company will pay out if the policyholder dies. The sum assured is usually a multiple of the annual premium.
The nominee is the person who will receive the benefits of the life insurance policy if the policyholder dies. The nominee must be named in the policy.
The mode of payment of claim is the way in which the insurance company will pay out the benefits of the life insurance policy. The mode of payment can be by check, wire transfer, or direct deposit.
The date of birth of the assured is one of the most important details of a life insurance policy. It is used to calculate the premium and the benefits.
Therefore, the incorrect statement is A. Amount of premium need not be shown; only sum assured is to be shown.