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    Question

    In Insurance policies we always find a date which is “Date of Maturity”. What does it mean?

    A This is the date on which the policy was sold to the customer/person insured. Correct Answer Incorrect Answer
    B This is the date on which the policy holder will have to submit his/her claim seeking the amount of the policy. Otherwise the company will not make any payment to him/her. Correct Answer Incorrect Answer
    C This is the date on which the contract between the person and insurance company will come to an end. Correct Answer Incorrect Answer
    D The date on which the insurance company makes the final payment to the insured person which is normally fifteen days after the “payment due date”. Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The maturity date is the date on which the principal amount of a note, draft, acceptance bond or another debt instrument becomes due and is repaid to the investor and interest payments stop. It is also the termination or due date on which an installment loan must be paid in full.

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