BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Permanent Life Insurance
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Straight life insurance
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Universal whole life insurance
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Term Insurance
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Detailed explanation-1: -Term insurance is a type of life insurance that offers coverage for a fixed time period, i.e. called policy ‘term’ at low premium rates. Term insurance plans offer a financial benefit to the policyholder’s nominee in case of the unforeseen death of the policyholder during the policy tenure.
Detailed explanation-2: -Term life insurance is the cheapest type of life insurance policy; the cost of whole life insurance can be significantly higher.
Detailed explanation-3: -Term insurance provides protection for a specified period of time. This period could be as short as one year or provide coverage for a specific number of years such as 5, 10, 20 years or to a specified age such as 80 or in some cases up to the oldest age in the life insurance mortality tables.
Detailed explanation-4: -Term life insurance When you buy a term policy, you pay a fixed amount for coverage with a set expiration date.