Life Insurance Policies
What does the owner of a level term policy receive if the policy reaches the end of its term without a claim?
Answer and explanation
Answer: B. Term insurance is pure protection, so it expires at the end of the term with no residual value unless a return of premium rider was purchased. Paid-up cover and cash value are features of permanent insurance.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, level term and value
More life insurance policies questions
- What licence does the sale of a fixed indexed life policy require?
- What must an association satisfy before it may sponsor a group life plan?
- What purpose does a multiple employer trust serve as a group sponsor?
- What right does the conversion privilege in a convertible term policy confer?
- What stays level throughout the term of a level term life insurance policy?
- What unbundled components characterize a universal life insurance contract?
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