Life assurance contracts Flashcards
1
Q
Whole life assurance
A
A contract to pay a sum assured on death
2
Q
Term assurance
A
A contract to pay a sum assured on or after death provided death occurs during a specified period, called the term of the contract
3
Q
Pure endowment
A
A contract that provides a sum assured at the end of a fixed term provided the policyholder is alive
4
Q
Endowment assurance
A
A sum assured is payable either during the term or un survival to the end of the term. The payable on death or survival not to be the same, although they often are
