BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Can only be drawn down when the company goes bankrupt.
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Can be drawn down at a specific date or upon death.
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Can be drawn down whenever the insured feels like it.
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None of the above
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Detailed explanation-1: -An endowment policy stipulates a certain time in which the policy matures (usually at or over age 65). If the insured is still alive at the end of the endowment period, the policyowner is entitled to receive the policy benefits.
Detailed explanation-2: -An endowment plan is a life insurance contract designed to pay a lump sum after a specific term (on its ‘maturity’) or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Endowment policy also pay out in the case of critical illness.
Detailed explanation-3: -1.1. Coverage from risks-Endowment plans pay a lump sum in death benefit to the nominees in case any unprecedented event strikes. Hence, your family will be financially secured against any monetary difficulty in your absence.
Detailed explanation-4: -An endowment policy is a type of life insurance policy designed to pay a lump sum on maturity or on death.