An Insured Person Is Generally Allowed, by Policy Provision or Statute

question 17

Multiple Choice

An insured person is generally allowed, by policy provision or statute, a grace period of what length of time in which to make the payment of a premium due on a life insurance policy?

• A) 14 to 15 days
• B) 30 to 31 days
• C) 60 to 61 days
• D) 90 days

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Definitions:

Prediction Interval

A range of values that is likely to contain the value of a variable for an individual prediction, taking into account the uncertainty around the estimate.

Residual

The difference between an observed value and the value predicted by a model.

Scatter Diagram

A scatter diagram, or scatter plot, is a type of plot or mathematical diagram using Cartesian coordinates to display values for typically two variables for a set of data, indicating the relationship between them.

Fitted Value

A numerical estimate or prediction obtained from a regression model that corresponds to a specific set of explanatory variables.