The correct answer is: C. Both the statements above are correct.
A revival is the reinstatement of a life insurance policy that has lapsed. In order to revive a policy, the insured must pay all of the outstanding premiums and any additional fees that may be required. The underwriter must also agree to the revival.
There are a few reasons why someone might want to revive a lapsed life insurance policy. One reason might be that the insured has recently experienced a change in their financial situation and is now able to afford the premiums. Another reason might be that the insured has recently experienced a change in their health and is now more concerned about their mortality.
If you are considering reviving a lapsed life insurance policy, it is important to contact your insurance company to discuss your options. The insurance company will be able to tell you what fees are required and what the process is for reviving your policy.
Here is a brief explanation of each option:
- Option A: Revivals are not done unless the entire outstanding premium is paid. This is correct because the insured must pay all of the outstanding premiums in order to revive a policy.
- Option B: Revivals are not done unless the underwriter agrees. This is also correct because the underwriter must agree to the revival before it can be processed.
- Option C: Both the statements above are correct. This is the correct answer because both statements are true.