ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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death so her financial obligations are paid
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losses resulting from an illness, accident, or disability
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property losses and auto accidents
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auto collision and burglary
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Detailed explanation-1: -Life insurance is a legally binding contract that pays a death benefit to the policy owner when the insured person dies. For a life insurance policy to remain in force, the policyholder must pay a single premium upfront or pay regular premiums over time.
Detailed explanation-2: -Jump to a section to learn more about each type of life insurance: Term life insurance. Whole life insurance (permanent) Universal life insurance (permanent)
Detailed explanation-3: -If you are looking for the greatest coverage, a whole life insurance policy is the best option. However, a term life insurance policy may be a better choice if you are on a budget. No matter which type of life insurance you choose, make sure you understand the policy’s terms and conditions before you purchase it.
Detailed explanation-4: -Life insurance is important because it provides financial security to the family in case of the unfortunate death of the policyholder. Life insurance can enable the family of the policyholder to stay financially independent so that they do not have to compromise their lifestyle.