which of the folloing is an example of life insurance

Assessment: WAEC SSCE - Commerce - 2016 (Objective) Subject: Commerce

Question 1 Report

which of the folloing is an example of life insurance

Answer Details
Endowment policy is an example of life insurance. It is a type of insurance policy that provides both life insurance coverage and a savings component. The policyholder pays regular premiums over a set period of time, and upon the policy's maturity or in the event of the policyholder's death, a lump sum payment is made to the beneficiary. The savings component of the policy can be used to pay for future expenses such as college tuition, retirement or any other financial goals.
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