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Questions and Answers
In life insurance, what are the two types of insurance companies mentioned in the text?
In life insurance, what are the two types of insurance companies mentioned in the text?
- Long-term or general insurance companies
- Short-term or general insurance companies
- Life or short-term insurance companies
- Life or long-term insurance companies (correct)
Which aspect differentiates certain cash flows under a policy from others as mentioned in the text?
Which aspect differentiates certain cash flows under a policy from others as mentioned in the text?
- Certainty of sales expenses
- Flat rate increase per annum
- Dependence on specific events occurring (correct)
- Dependence on the policyholder's age
What term is used to describe an annuity that is guaranteed to increase by 5% per annum?
What term is used to describe an annuity that is guaranteed to increase by 5% per annum?
- Inflation-adjusted annuity
- Increasing annuity (correct)
- Variable annuity
- Level premiums annuity
When will a life annuity be paid according to the text?
When will a life annuity be paid according to the text?
What characteristic differentiates life insurance from general insurance according to the text?
What characteristic differentiates life insurance from general insurance according to the text?
Which cash flow timing is mentioned to be uncertain in life insurance policies by the text?
Which cash flow timing is mentioned to be uncertain in life insurance policies by the text?
What is the term used for the person who enters into a contract with the insurance company?
What is the term used for the person who enters into a contract with the insurance company?
What do we call the payments made by the insurer to the policyholder based on specified risk events?
What do we call the payments made by the insurer to the policyholder based on specified risk events?
In a life insurance policy, who are individuals referred to when benefits are paid to them rather than the policyholder?
In a life insurance policy, who are individuals referred to when benefits are paid to them rather than the policyholder?
What is the term for the person who promises to pay certain amounts to the insurer to receive financial protection?
What is the term for the person who promises to pay certain amounts to the insurer to receive financial protection?
When a policyholder continues to pay premiums and the risk event has not yet happened, what is the status of the policy?
When a policyholder continues to pay premiums and the risk event has not yet happened, what is the status of the policy?
What is the term used for a single payment made to a life insurer in exchange for a regular income during retirement?
What is the term used for a single payment made to a life insurer in exchange for a regular income during retirement?
What is the term used to refer to payments made under general insurance policies?
What is the term used to refer to payments made under general insurance policies?
How are short-term insurance contracts typically designed in terms of duration?
How are short-term insurance contracts typically designed in terms of duration?
What happens to the premium when a general insurance policy is renewed?
What happens to the premium when a general insurance policy is renewed?
If you want to enjoy cover for your car as long as you have it, why is the option to renew your insurance policy annually beneficial?
If you want to enjoy cover for your car as long as you have it, why is the option to renew your insurance policy annually beneficial?
What term is used to describe movable property in general insurance policies?
What term is used to describe movable property in general insurance policies?
In the context of general insurance, what is the equivalent of 'policyholder' in life insurance?
In the context of general insurance, what is the equivalent of 'policyholder' in life insurance?
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