Question

1. The additional amount of premium imposed on the standard premium payable in view of higher...

1. The additional amount of premium imposed on the standard premium payable in view of higher risk factors is knows as ..

2. ... insurance is a life insurance contract designed to pay out maturity benefit after a specific term (on its ‘maturity date’) or to pay out death benefit when the insured dies during the policy period.

3. ... Insurance is a life insurance contract designed to provide protection against premature death and at the same allowing for investment in the funds managed by the life insurance company.

4. … insurance is a life insurance contract designed to provide lifelong protection against the risk of premature death to the insured person.

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Answer #1

1. Additional premium imposed over and above standard premium to cover high risk factor is known as " Loading".

2. This type of insurance is "Term Insurance" where benefit is paid either on term expiration or death of insured whichever is earlier.

3. "Unit linked Insurance Plan" is an insurance product which will allow to have life insurance benefits with investment plans.

4. "Whole life insurance" provides one insurance against premature death lifelong.

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