Duration

Question 1

What does the duration of the insurance contract depend on?

Answer 1

1. Termination
2. Renewal
3. Lapse.

Question 2

What are the ways in which an insurance contract can be terminated?

Answer 2

1. Cancellation
2. Payment
3. Breach

Question 3

How long does a life insurance contract last?

Answer 3

At the will of the insured.

Question 4

Is there a fresh duty of disclosure every time the insured in a life insurance contract decides to renew the contract?

Answer 4

No.

Question 5

What is lapse?

Answer 5

When the premium is not paid on the due date or within a stipulated grace period then the policy lapses.