CIIG Advanced Diploma Practice Questions - CIIG Advanced Diploma In Insurance Associateship Exam

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Under the 'No Premium, No Cover' provision of the Insurance Act 2021 (Act 1061) in Ghana, what is the statutory status of an insurance policy if the premium has not been paid?

The policy remains valid, and the insurer must pay any claims and recover the premium later The cover is legally active for a 30-day grace period from the inception date The cover is not legally in force, and the insurer is not liable for any claim arising during the unpaid period The policy is automatically transferred to the National Insurance Commission's guarantee fund

Correct Answer:

The cover is not legally in force, and the insurer is not liable for any claim arising during the unpaid period

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