Question

What is a primary attribute of an insurance product?

a.

It is a perishable item

b.

It provides immediate physical utility

c.

It has a physical shape and form

d.

It is represented by a legal document

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (d).It is represented by a legal document Explanation:The primary attribute of an insurance product is that it is represented by a legal document, which is a piece of paper that stipulates the terms and conditions of the agreement between the insurer and the policyholder. This document grants the holder legal rights under specified conditions, differentiating it from tangible products that have a physical form.

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Q. What is a primary attribute of an insurance product?
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