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InterviewSolution
| 1. |
1.Explain the meaning and types of Life Insurance. |
| Answer» <p>Life insurance(orlife assurance, especially in theCommonwealth of Nations) is a contract between aninsurance policyholder and aninsurer or assurer, where the insurer promises to pay a designatedbeneficiarya sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).</p><p>Types of life insurance are:-</p><p>Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form—more common in years past—of a protection policy design is term insurance.</p><p>Investmentpolicies – the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) arewhole life,universal life, andvariable lifepolicies.</p> | |