Questions: Multiple Choice Which of the following statements about a noncancellable policy is FALSE? A. So long as the premiums are paid, the policy cannot be changed in anyway B. The premium rate CANNOT be increased over time C. Noncancellable provisions are most commonly found in disability income policies D. The premium rate CAN be increased over time Submit

Multiple Choice Which of the following statements about a noncancellable policy is FALSE? A. So long as the premiums are paid, the policy cannot be changed in anyway B. The premium rate CANNOT be increased over time C. Noncancellable provisions are most commonly found in disability income policies D. The premium rate CAN be increased over time Submit
Transcript text: Multiple Choice Which of the following statements about a noncancellable policy is FALSE? A. So long as the premiums are paid, the policy cannot be changed in anyway B. The premium rate CANNOT be increased over time C. Noncancellable provisions are most commonly found in disability income policies D. The premium rate CAN be increased over time Submit
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Solution

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The answer is the fourth one (D): The premium rate CAN be increased over time.

Explanation for each option: A. So long as the premiums are paid, the policy cannot be changed in any way - This is true for noncancellable policies. As long as the policyholder continues to pay the premiums, the terms of the policy cannot be altered by the insurer. B. The premium rate CANNOT be increased over time - This is also true for noncancellable policies. The premium rate is locked in and cannot be increased as long as the policyholder continues to pay the premiums. C. Noncancellable provisions are most commonly found in disability income policies - This is true. Noncancellable provisions are often included in disability income policies to provide the policyholder with stability and predictability. D. The premium rate CAN be increased over time - This is false. In a noncancellable policy, the premium rate is fixed and cannot be increased over time.

Summary: The false statement about a noncancellable policy is that the premium rate CAN be increased over time.

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