Business Services 2

Question 1

Explain whole life policy

Answer 1

1.In this policy the whole life for the person is insured…
2.The insured won’t receive money till he is alive..
3. Premium rate is low
4. The money becomes payable to the nominee or legal heir of the deceased person

Question 2

Explain endowment insurance policy

Answer 2

1. It is taken for a specific period
2. The sum is paid along with bonus on the death of the insured or the expiry of the period

Question 3

Explain term insurance policy

Answer 3

1. Taken from a specific period
2. Lowest premium as compared to all other insurance types
3. Premium remains fixed
   4.on untimely death the dependants will receive benefits from the policy