Question

What is the primary purpose of life insurance products?What does a life insurance policy provide to the near and dear ones of the insured?

a.

To provide investment opportunitiesInvestment opportunities

b.

To accumulate wealth quicklyPeace of mind and protection

c.

To protect against the loss of productive abilitiesAccumulated wealth

d.

To create temporary financial goalsLong-term financial goals

Posted under IC38 Life Insurance Agent Exam

Answer: To protect against the loss of productive abilitiesPeace of mind and protection Explanation:The primary purpose of life insurance products is to protect against the loss of economic value of an individual's productive abilities. Life insurance provides financial protection to the insured's dependents or to the insured individual in case of unfortunate events like death or disability.A life insurance policy provides peace of mind and protection to the near and dear ones of the insured. It serves as a financial safety net for the insured's family or dependents, ensuring that they are financially protected in case of an unfortunate event.

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Q. What is the primary purpose of life insurance products?What does a life insurance policy provide to the near and dear ones of the insured?
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