Question

A bank acting as an agent in payment of insurance premiums on behalf of customers must ensure:

• A. The insurance company reimburses the customer directly
• B. The premiums are paid before the due date to avoid policy lapse
• C. The customer pays the bank additional commission for this service
• D. The bank holds the policy documents indefinitely

Answer 1

Answer:

B. The premiums are paid before the due date to avoid policy lapse

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