New Click here to Enroll for SIDBI MSME Expert Classes by Experts

    Register

    Question

    A term policy that can be converted to permanent

    coverage rather than expiring on a specific date is called?
    A Contingent Beneficiary Correct Answer Incorrect Answer
    B Contingent Liability Correct Answer Incorrect Answer
    C Contractual Liability Correct Answer Incorrect Answer
    D Convertible Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Liability imposed on an entity by the terms of a contract. As used in insurance, the term refers not to all contractually imposed liability but to the assumption of the other contracting party's liability under specified conditions.

    Practice Next