Term insurance benefits are payable
maturity
at surrender
at death
before maturity
Correct answer is B
The death benefit would be paid by the insurance company if the insured died during the one-year term, while no benefit is paid if the insured dies one day after the last day of the one-year term. The premium paid is then based on the expected probability of the insured dying in that one year.
You purchase this insurance for a set amount of time, or a "term," often in 5, 10, 20, or 30 year increments. It's usually at a set price, which means you pay the same amount of money for the policy ever year until the term is up. If you should die during the term, the beneficiaries of your policy will receive the value of the policy. If you don't die during the term, there's no payout. (The good news is you're still alive!)
consideration
gratification
commission
claim
Correct answer is D
An insurance claim is a formal request by a policyholder to an insurance company for coverageor compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.
The period of insurance in non-life insurance contract is usually
one month
one year
two years
three years
Correct answer is B
No explanation has been provided for this answer.
The price paid for the purchase of insurance policy is?
premium
claim
renewal
benefit
Correct answer is A
An insurance premium is the amount of money an individual or business must pay for an insurancepolicy. Insurance premiums are paid for policies that cover healthcare, auto, home, life, and others.Insurance premiums may increase after the policy period ends.
as soon as the policy holder dies
up to the date of death of the policy holder
when the insurer decides to pay the policyholder
as soon as the insured surrenders the policy
Correct answer is B
What is a Whole Life policy? A Whole Life policy will pay out a lump sum benefit when the life assured dies. This type of Whole of Life policy provides cover for the rest of your life.
Whole-of-life policies payout a lump sum when you die, whenever that is. The size of the payout depends on your policy. With some policies, you can stop paying once you reach a certain age, but with others you have to make monthly or annual payments right up until you die.