New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Section 64VB requires what action for a policy to be

    effective?            
    A Renewal before expiry Correct Answer Incorrect Answer
    B Payment of premium before coverage commences Correct Answer Incorrect Answer
    C Reaffirmation of material facts Correct Answer Incorrect Answer
    D Issuance of a policy schedule Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Section 64VB of the Insurance Act, 1963, mandates that no contract of insurance shall be valid unless the premium or the first instalment of the premium has been paid.

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