Question

What is the definition of 'Long Term Insurance Business' in some countries?

a.

Providing insurance coverage for short-term events

b.

Entering into contracts of assurance on human lives for a term dependent on human life

c.

Providing insurance coverage for property damage

d.

Maintaining contracts of assurance on non-human lives

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).Entering into contracts of assurance on human lives for a term dependent on human life Explanation:'Long Term Insurance Business' refers to the business of entering into or maintaining contracts of assurance on human lives, including contracts whereby the payment of money is assured on death or on the happening of any contingency dependent on human life.

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Q. What is the definition of 'Long Term Insurance Business' in some countries?
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