[amp_mcq option1=”Evidence of insurability at revival” option2=”Revival of the policy leading to increase in risk for the insurance company” option3=”Payment of unpaid premiums with interest” option4=”Insured submitting the revival application within a specified time frame” correct=”option1″]
The correct answer is: A. Evidence of insurability at revival
Evidence of insurability is the process of proving to an insurance company that you are a good risk to insure. This is done by providing the company with information about your health, lifestyle, and other factors that could affect your risk of filing a claim.
When you revive a lapsed policy, the insurance company will want to see evidence of insurability to make sure that you are still a good risk to insure. If you are not able to provide the required evidence, the insurance company may not revive your policy.
The other options are not as significant to the insurance company as evidence of insurability. Payment of unpaid premiums with interest is important, but it is not as important as ensuring that the insured is still a good risk to insure. Revival of the policy leading to increase in risk for the insurance company is a possibility, but it is not always the case. The insured submitting the revival application within a specified time frame is important, but it is not as important as ensuring that the insured is still a good risk to insure.
In conclusion, the most significant aspect considered by the insurance company during the revival of a lapsed policy is evidence of insurability at revival.