Policy Life cycle

Front

Which stage of the policy life cycle involves assessing the risk and determining premium rates?

Back

Underwriting

Front

What is the first step in the insurance policy life cycle?

Back

Submission

Front

During which stage does the insurer provide the premium amount and coverage details?

Back

Quote generation

Front

What is an endorsement in an insurance policy?

Back

A modification or change to the existing policy terms.

Front

If a policy lapses due to non-payment of premiums, what action allows the policyholder to restore it?

Back

Reinstatement

Front

What happens when a policyholder switches to a new policy with the same insurer due to major coverage changes?

Back

Rewrite