It is as though a new policy is issued by altering DOC
The maturity date also gets altered
Difference between old and new premium is payable
All of the above
Answer is Wrong!
Answer is Right!
The correct answer is D. All of the above.
Under special revival, the policy is revived as if it is a new policy. This means that the policy will have a new policy number, a new date of commencement, and a new maturity date. The insured will also need to pay the difference between the old and new premiums.
Here is a brief explanation of each option:
- Option A: It is as though a new policy is issued by altering DOC. This means that the policy will be treated as if it is a new policy. The policy will have a new policy number, a new date of commencement, and a new maturity date.
- Option B: The maturity date also gets altered. This is because the policy is treated as if it is a new policy. The new maturity date will be based on the new date of commencement.
- Option C: Difference between old and new premium is payable. This is because the policy is treated as if it is a new policy. The insured will need to pay the difference between the old and new premiums.
I hope this helps! Let me know if you have any other questions.