ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$100
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$50
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$75
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$25
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Detailed explanation-1: -An insurance policy that only requires a payment of premium at its inception, provides insurance protection for the life of the insured, and matures at the insureds age 100 is called? Single premium whole life.
Detailed explanation-2: -Credit life insurance policies are most commonly issued as whole life insurance policies. However, they can also be issued as term life insurance policies.
Detailed explanation-3: -Use Dividends to Purchase One-Year Term Insurance-This so-called “fifth dividend option” allows the policyowner to use the dividends to purchase one-year term insurance at net rates, usually limited to no more than the current cash value on the contract.
Detailed explanation-4: -It will remain level during the term of the policy, but upon renewal it will be based on the insured’s attained age. What makes whole life permanent protection? An insured has a policy that requires him to only pay premiums for a specified number of years until the policy is paid up.