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Premium Payments: Modes, Types & Provisions

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which payment mode would result in the lowest policy premium?

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1. Which of the following is not a common payment mode?

2. Which of the following is NOT a characteristic of a level-premium insurance policy?

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About This Quiz & Worksheet

What are the characteristics of specific types of insurance policies? What modes of payment are often offered by insurance companies? These are the types of facts you will need to know when you use this quiz/worksheet assessment tool.

Quiz & Worksheet Goal

Information you should be familiar with when using this quiz/worksheet include:

  • Which payment mode results in low premiums
  • Common insurance premium payment modes
  • Characteristics of level and flexible premium insurance policies
  • Details about grace period and automatic loan provisions

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the lesson, such as different options for paying insurance premiums
  • Information recall - access the knowledge you've gained regarding certain provisions offered in insurance policies
  • Knowledge application - use your knowledge to answer questions about types of insurance policies

Additional Learning

Gain a deeper understanding of this topic by reviewing the lesson titled Premium Payments: Modes, Types & Provisions. In this lesson, you will learn:

  • What a premium payment is
  • Advantages and disadvantages of each type of payment mode
  • An advantage of a flexible premium policy
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