GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Straight Life
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Subrogation
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Subjective Risk
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Straight Life Annuity
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Detailed explanation-1: -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. The policyholder at any time withdraws the policy or borrow against it.
Detailed explanation-2: -Also known as whole life insurance, a straight life policy has a cash value account that grows in size as you contribute premiums to the plan. Straight life policies are often expensive and therefore not recommended for short-term life insurance coverage. How does straight life insurance work?
Detailed explanation-3: -Whole life insurance has several variations, including limited payment, modified, single-premium, and variable whole life.