Name the Two Policy-Features, on which, Rebates on Premium can be offered by the Insurer.

Question

Quizplus · Accepted Answer

Rebates on premium can be offered based on the Sum-Assured, which refers to the amount of money an insurance policy guarantees to pay up on certain conditions or events, and the Mode of Premiums, which pertains to the frequency with which the policyholder opts to pay their premiums (e.g., monthly, quarterly, annually). These factors can influence the cost efficiency for the insurer, allowing them to offer rebates.

Name the Two Policy-Features, on Which, Rebates on Premium Can