New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    A form of whole-life insurance with a predefined number

    of premiums to be paid is known as?
    A Hold-Harmless Agreement Correct Answer Incorrect Answer
    B Incontestability Provision Correct Answer Incorrect Answer
    C Level Premium Insurance Correct Answer Incorrect Answer
    D Limited Payment Life Insurance Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured with a pre-defined number of premiums.

    Practice Next