GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Occurrence Policy
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Ordinary Life Insurance
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Inland Marine Insurance
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Nursing Home Insurance
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Detailed explanation-1: -Whole life insurance, also known as permanent life insurance, offers you coverage up to the age of 100 years. Such a risk cover safeguards your dependents from any unfortunate mishap for your entire lifetime. The insurance plan stays in force for the entire policy period in exchange for timely premium payments.
Detailed explanation-2: -If the policy term is more than 10 years, due premiums for at least 3 years have to be paid in full. Once the policy acquires the paid-up status, it will no longer participate in the profits of the company. This means that no future bonuses will be added to the reduced sum assured.
Detailed explanation-3: -The four types of permanent life insurance policies are universal life, whole life, variable universal life, and variable life.