Rights/Privileges
Sum insured
Table and Term
Policy Number
Answer is Right!
Answer is Wrong!
The correct answer is: A. Rights/Privileges.
Standard provisions of a policy are the terms and conditions that are common to all policies of a particular type. They are usually set by the insurance company and cannot be changed by the policyholder. The standard provisions of a policy typically include information on the following:
- The rights and privileges of the policyholder
- The obligations of the policyholder
- The terms and conditions of the policy
- The exclusions and limitations of the policy
- The procedure for filing a claim
The standard provisions of a policy are important because they provide clarity and certainty for both the policyholder and the insurance company. They also help to protect both parties from misunderstandings and disputes.
The other options are incorrect because they are not typically included in the standard provisions of a policy.
- Option B, sum insured, is the amount of money that the insurance company will pay out if the policyholder makes a claim.
- Option C, table and term, is the schedule of premiums that the policyholder will pay and the length of time that the policy will be in effect.
- Option D, policy number, is the unique identifier for the policy.