Question

What financial problem does old age pose?

a.

Higher chances of falling ill and increased medical expenses

b.

Loss of regular income and funeral expenses

c.

Legal expenses and hospital bills

d.

Increased education expenses and marriage costs

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (a).Higher chances of falling ill and increased medical expenses Explanation:Old age presents the financial problem of a decreased flow of regular income and the potential need for increased medical expenses due to a higher likelihood of falling ill. Additionally, funeral expenses may arise in the event of death due to old age, adding to the financial burden.

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