GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A policy for which the premiums do not change for the entire duration of the policy.
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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: -Limited pay premium payment option allows you to only pay the premiums for a specific duration of the policy tenure. You can choose to pay off the premiums well before the policy tenure ends. However, this does not affect the coverage period of the insurance policy.
Detailed explanation-2: -A whole life policy is the simplest form of permanent life insurance, so named because it provides coverage that lasts your entire life as long as premiums are paid. Unlike term, it’s not a “pure life insurance” product because it includes a cash value component.
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