Business Studies

In ________, the amount payable to the insured will not be paid before the death of the assured.


Answer & Solution

Whole Life Policy


SOLUTION
Whole life policy :-
In the Whole life policy, the amount payable to the insured is paid only after the death of the assured. Thus, the sum assured becomes payable only to the beneficiaries or the legal heir of the deceased. The premium is usually payable for a fixed period say for 20 or 30 years or for the whole life of the assured. If the premium is paid for the fixed period, the policy will continue till the death of the assured.
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