Question

What is the meaning of 'Life insurance business'?

a.

Providing insurance coverage for accidents

b.

Providing insurance coverage for sickness or disability

c.

Providing insurance coverage for annuities and contracts upon human life

d.

Providing insurance coverage for property damage

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Providing insurance coverage for annuities and contracts upon human life Explanation:'Life insurance business' refers to the business of effecting contracts of insurance upon human life, including contracts where the payment of money is assured on death or the happening of any contingency dependent on human life, as well as contracts subject to payment of premiums for a term dependent on human life. It also includes granting annuities upon human life.

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Q. What is the meaning of 'Life insurance business'?
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