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      Question

      Under which type of plans, an insurance that provides

      coverage at a fixed rate of payments for a limited period of time is called? 
      A Term insurance Correct Answer Incorrect Answer
      B Unit Linked Insurance Plans Correct Answer Incorrect Answer
      C Endowment assurance Correct Answer Incorrect Answer
      D Whole life insurance Correct Answer Incorrect Answer
      E Medical Insurance Correct Answer Incorrect Answer

      Solution

      It is the most basic type of insurance and can be referred to as pure insurance. It covers the insured for a specific period. The insured’s family gets a lump-sum amount in the case of the insured’s death. If, however, the insured survives the term of the policy, no money is paid to the insured or his family.

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