Which of the below option is correct with regards to a term insurance plan?

A Term insurance plans come with life-long renewability option
B All term insurance plans come with a built-in disability rider
C Term insurance can be bought as a stand-alone policy as well as a rider with another policy
D There is no provision in a term insurance plans to convert it into a whole life insurance plan

Correct Answer: Term insurance can be bought as a stand-alone policy as well as a rider with another policy

Term insurance can be bought as a stand-alone policy as well as a rider with another policy. Term insurance is a life insurance product offered by an insurance company which offers financial coverage to the policy holder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.
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Related Questions

According to a survey of business firms in a certain city, 750 firms offer their employees health insurance , 640 offer dental insurance and 280 offer health insurance and dental insurance. How many firms offer their employees health insurance or dental
A 920
B 1,100
C 1,110
D 1,030
Amrita is pregnant. She has applied for a term insurance cover. WHICH of the below option will be the best option to choose for an underwriter to offer insurance to Amrita? Choose the most likely option.
A Acceptance at ordinary
B Acceptance with extra premium
C Decline the proposal
D Acceptance with a restrictive clause
Which of the below statement is correct with regards to grace period of an insurance policy?
A Standard length of the grace period is one month
B The standard length of the grace period is 30 days
C The standard length of the grace period is one month or 30 days
D The standard length of the grace period is one month or 31 days
Which of the below statement is correct with regards to endowment assurance plan?
A It has a death benefit component only
B It has a survival benefit component only
C It has both a death benefit as well as a survival component
D It is similar to a term plan
Which of the below statement is incorrect with regards to a policy against which a loan has been taken from the insurance company?
A The policy will have to be assigned in favour of the insurance company
B The nomination of such policy will get cancelled due to assignment of the policy in favour of the insurance company
C The nominee’s right will be affected to the extent of the insurer’s interest in the policy
D The policy loan is usually limited to a percentage of the policy’s surrender value
Which of the below statement is incorrect with regards to assignment of an insurance policy?
A In case of Absolute Assignment, in the event of death of the assignee, the title of the policy would pass to the estate of the deceased assignee
B The assignment of a life insurance policy implies the act of transferring the rights right, title and interest in the policy (as property) from one person to another
C It is necessary that the policyholder must give notice of assignment to the insurer
D In case of Absolute Assignment, the policy vests absolutely with the assignee till maturity, except in case of death of the insured during the policy tenure, wherein the policy reverts back to the ben
With regards to valuation of assets by insurance companies, _________ is the value at which the life insurer has purchased or acquired its assets.
A Discounted future value
B Discounted present value
C Market value
D Book value
Which of the below statement is incorrect with regards to decreasing term assurance?
A Death benefit amount decreases with the term of coverage
B Premium amount decreases with the term of coverage
C Premium remains level throughout the term
D Mortgage redemption plans are an example of decreasing term assurance plans
Q.(1-4): Answer the questions on the basis of the information given below. * F,G and H are insurance companies , Q,R,S and T are private detectives .Each detective works for at least one of the insurance companies. * Q always works for F and at least one of the other companies. Some of the time G employs only one of these detectives,' the rest of the time it employs exactly two of them. *F and H each employ exactly two of these detectives all the time. If R works for H only, and if S works for G and H only, T works for--
A F only
B G only
C H only
D both F and G
Which of the following is correct? Statement A. The system of insurance benefits individual, family and the society Statement B. Insurance companies could invest in speculative ventures.
A A is correct
B B is correct
C Both A & B
D None of the above

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