When is a Policy, Deemed to be Lapsed?
A)If the Premiums are Not Paid on the Due-Date.
B)If the Premiums are Not paid, Before the Due- Date.
C)If the Premium has Not been paid, even After Expiry of Grace-Period.
D)If the Policy is surrendered.

Question

Quizplus · Accepted Answer

A policy is deemed to be lapsed if the premium has not been paid even after the expiry of the grace period, which is a time frame allowed after the due date for the premium payment without the policy being considered as lapsed.

When Is a Policy, Deemed to Be Lapsed