Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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In an endowment assurance plan sum assured is paid to the nominee / beneficiary on the death of the life insured or to the life insured on the maturity of the policy
Whole life insurance plan provides insurance cover for entire lifetime of an individual.
In a money back plan, a certain percentage of the sum assured is returned to the insured at specific intervals during the lifetime of the policy.
The unique selling proposition (USP) of term assurance is its low price, enabling one to buy relatively large amounts of life insurance on a limited budget
Whole Life Insurance - There is no fixed term of cover but the insurer offers to pay the agreed upon death benefit when the insured dies, no matter whenever the death might occur
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