Questions: If a loan request is for payment of due premiums on the policy, how soon must the insurer issue a loan? A. Within 30 days B. Immediately C. Within 90 days D. Within 10 days

If a loan request is for payment of due premiums on the policy, how soon must the insurer issue a loan? A. Within 30 days B. Immediately C. Within 90 days D. Within 10 days
Transcript text: If a loan request is for payment of due premiums on the policy, how soon must the insurer issue a loan? A. Within 30 days B. Immediately C. Within 90 days D. Within 10 days
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Solution

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The answer is A: Within 30 days.

Explanation for each option:

A. Within 30 days - This is the correct answer. Typically, insurers are required to process and issue loans for due premiums within a reasonable timeframe, often specified as 30 days, to ensure policyholders can maintain their coverage without undue delay.

B. Immediately - This option is incorrect. While prompt action is important, "immediately" is not a standard timeframe used in insurance policies for issuing loans, as some processing time is usually necessary.

C. Within 90 days - This option is incorrect. A 90-day period is generally too long for issuing a loan for due premiums, as it could result in the policy lapsing due to non-payment.

D. Within 10 days - This option is incorrect. Although 10 days is a relatively short and reasonable period, it is not the standard timeframe typically specified for issuing loans for due premiums.

In summary, the insurer must issue a loan for payment of due premiums on the policy within 30 days.

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