[amp_mcq option1=”Insurer” option2=”Insured” option3=”Both Insurer & Insured” option4=”None of the above” correct=”option4″]<\/p>\n
The correct answer is: D. None of the above<\/strong><\/p>\n A lapsed policy is a policy that has not been renewed by the insured. This can happen if the insured fails to make a premium payment, or if the policy is cancelled by the insurer. If a policy lapses, the insured will no longer be covered by the policy, and the insurer will not be obligated to pay any claims.<\/p>\n There are a few reasons why an insured might allow their policy to lapse. One reason might be that they can no longer afford the premiums. Another reason might be that they believe they no longer need the coverage. However, it is important to note that even if you believe you no longer need insurance, it is always a good idea to keep your policy active. This is because you never know when you might need it.<\/p>\n If you are considering allowing your policy to lapse, it is important to talk to your insurance agent first. They can help you understand the consequences of lapsing your policy and may be able to offer you a way to keep your coverage without having to pay the full premium.<\/p>\n Here is a brief explanation of each option:<\/p>\n [amp_mcq option1=”Insurer” option2=”Insured” option3=”Both Insurer & Insured” option4=”None of the above” correct=”option4″]<\/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-32587","post","type-post","status-publish","format-standard","hentry","category-insurance","no-featured-image-padding"],"yoast_head":"\n\n