Bala learns that he has the beginnings of demyelination which will lead to multiple sclerosis. He knows that he has not paid the insurance premiums on his Term 20 policy. In review of his policy, he is considering his options. Which of the following statements is correct with respect to missed premium payments?
a)		If the insurance company receives the premium within the grace period, the policy will remain in force.
b)		Within the two year grace period, if all missed premiums plus interest are paid, the policy will be reinstated.
c)		If the life insured dies during the grace period, no death benefit will be paid.
d)		If the policy is reinstated after lapse, the attained age on the policy will be reset to the current age.

Answer rating: 100% (QA)

Answer Correct option a If the insurance company receives the premium wi... View the full answer