Business Studies

A life insurance policy was introduced as a protection against the uncertainty of life.


ANSWER

True


SOLUTION
The life insurance corporation (LIC) was established with a purpose to insure the life of the humans. In a Life insurance contract, the insurer or the insurance company undertakes to insure the life of a person in exchange for a sum of money called premium. 
This premium may be paid in lump sum, or monthly, quarterly, half yearly or yearly. The insurance company promises to pay a certain sum of money either on the death of the person or on his attaining a certain age. 
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TRUE/FALSE Medium Published on 18th 08, 2020
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