GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A Life insurance policy for which the cost is equally distributed over the term of the premium period, remaining constant throughout is called ____
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Incontestability Provision
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Level Premium Insurance
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Hold-Harmless Agreement
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Limited Payment Life Insurance
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Explanation:
Detailed explanation-1: -Level-premium insurance is a type of permanent or term life insurance where the premium remains the same over the policy’s life. With this type of coverage, premiums are thus guaranteed to remain the same throughout the contract.
Detailed explanation-2: -Whole Life plan is also called as straight life, ordinary life. It remains throughout the insured whole lifetime provided the premiums are paid. A certain aforementioned amount is paid to the nominee in the event the insured dies.
Detailed explanation-3: -Regular Premium Payment Term: If the premium payment term is the same as or equal to the policy term, you must pay premiums for the whole policy term. This is referred to as regular premium payment.
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