{"id":32585,"date":"2024-04-15T09:03:52","date_gmt":"2024-04-15T09:03:52","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=32585"},"modified":"2024-04-15T09:03:52","modified_gmt":"2024-04-15T09:03:52","slug":"under-the-loan-cum-revival-which-of-the-following-is-correct","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/under-the-loan-cum-revival-which-of-the-following-is-correct\/","title":{"rendered":"Under the loan cum revival which of the following is correct?"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;The policyholder would pay full arrears of premium with interest like ordinary revival&#8221; option2=&#8221;The loan granted would be used as a consideration amount and balance only payable&#8221; option3=&#8221;Both A &#038; B&#8221; option4=&#8221;None of the above&#8221; correct=&#8221;option3&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>C. Both A &amp; B<\/strong><\/p>\n<p>Under the loan cum revival, the policyholder would pay full arrears of premium with interest like ordinary revival. The loan granted would be used as a consideration amount and balance only payable.<\/p>\n<p>In a loan cum revival, the policyholder takes a loan from the insurance company to pay the arrears of premium. The loan is then used to revive the policy. The policyholder will have to pay the loan amount with interest. The balance of the premium will be payable as per the original policy terms.<\/p>\n<p>Loan cum revival is a good option for policyholders who have missed premium payments and want to revive their policy. It allows them to continue with their policy without having to pay the full arrears of premium upfront. However, it is important to note that the loan amount will have to be repaid with interest, which can add to the overall cost of the policy.<\/p>\n<p>Here is a table that summarizes the key differences between loan cum revival and ordinary revival:<\/p>\n<p>| Feature | Loan cum revival | Ordinary revival |<br \/>\n|&#8212;|&#8212;|&#8212;|<br \/>\n| Premium payment | The policyholder takes a loan from the insurance company to pay the arrears of premium. | The policyholder pays the full arrears of premium upfront. |<br \/>\n| Interest | The loan amount will have to be repaid with interest. | No interest is charged on the arrears of premium. |<br \/>\n| Cost | The overall cost of the policy will be higher due to the interest on the loan amount. | The cost of the policy will be lower as there is no interest charged on the arrears of premium. |<br \/>\n| Flexibility | The policyholder can choose to repay the loan amount over a period of time. | The policyholder has to pay the full arrears of premium upfront. |<\/p>\n<p>I hope this helps! Let me know if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;The policyholder would pay full arrears of premium with interest like ordinary revival&#8221; option2=&#8221;The loan granted would be used as a consideration amount and balance only payable&#8221; option3=&#8221;Both A &#038; B&#8221; option4=&#8221;None of the above&#8221; correct=&#8221;option3&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[261],"tags":[],"class_list":["post-32585","post","type-post","status-publish","format-standard","hentry","category-insurance","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Under the loan cum revival which of the following is correct?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/under-the-loan-cum-revival-which-of-the-following-is-correct\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Under the loan cum revival which of the following is correct?\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;The policyholder would pay full arrears of premium with interest like ordinary revival&#8221; 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