A person who undertakes life insurance is said to be an

Assessment: JAMB UTME - Commerce - 2012 Subject: Commerce

Question 1 Report

A person who undertakes life insurance is said to be an
Answer Details
A person who undertakes life insurance is said to be the insured. The insured is the person who purchases a life insurance policy from an insurance company. By paying premiums to the insurance company, the insured transfers the financial risk of their death to the insurance company. In the event of the insured's death, the insurance company pays out a predetermined sum of money, known as the death benefit, to the beneficiaries named in the policy. In summary, the insured is the person who purchases a life insurance policy and is protected by the financial coverage provided by the policy.
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