Question

Are policy loans typically available in Whole life insurance contracts?

a.

Yes, policy loans may be available until the insured's death

b.

No, policy loans are not available

c.

Policy loans are only available after the insured's death

d.

Policy loans are available only during the accumulation phase

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (a).Yes, policy loans may be available until the insured's death Explanation:Policy loans may be available in Whole life insurance contracts until the insured's death.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. Are policy loans typically available in Whole life insurance contracts?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What happens if there are any unpaid loans upon the insured's death in a Whole life insurance contract?

View solution

Q. What is the primary purpose of Whole life insurance contracts?

View solution

Q. What modification can be made to Whole life insurance contracts to meet the insurance needs of the policyholder?

View solution

Q. What type of insurance contract is an Endowment insurance?

View solution

Q. What is one common use of Endowment insurances?

View solution

Q. How are Endowment insurances useful for saving money for retirement?

View solution

Q. In what scenario might an Endowment insurance be used for repaying a loan?

View solution

Q. What is a characteristic of Pure endowments?

View solution

Q. What distinguishes Money back insurance from other types of endowment policies?

View solution

Q. What is the primary purpose of Pure endowment contracts?

View solution

Q. What is the key feature of Double endowment insurance?

View solution

Q. What type of insurance provides a death benefit equal to twice the survival benefit during the contract period?

View solution

Q. What are With-profit contracts?

View solution

Q. What is the key feature of Convertible term assurance?

View solution

Q. What is the primary purpose of Critical Illness Assurance?

View solution

Q. What is the purpose of the survival period in Critical Illness Assurance?

View solution

Q. Which of the following is NOT typically covered under Critical Illness Assurance?

View solution

Q. How are alternative forms of Critical Illness Assurance different from traditional policies?

View solution

Q. What is the benefit of Critical Illness Assurance policies paying hospitals directly?

View solution

Q. What is Deferred Whole Life Assurance?

View solution
View All MCQs on IC 92 Actuarial Aspects of Product Development

Recommended Subjects

Are you eager to expand your knowledge beyond IC 92 Actuarial Aspects of Product Development? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Marketing and Marketing Management

Uncover the strategies and tactics of marketing with our Marketing and Marketing...

IC90 Human Resource Management

Prepare for success in the Insurance Institute of India (III) examination with IC90...

Irrigation Engineering

Master the science of Irrigation Engineering with our dedicated category. Explore...

Logical Reasoning

Enhance your logical thinking and decision-making abilities with our Logical...

IC38 Life Insurance Agent Exam

Prepare for success in the Insurance Institute of India (III) IC38 IRDA examination...

Enzyme Technology

Unlock the power of enzymes with our Enzyme Technology category. Explore enzyme...

General Knowledge

Expand your horizons and stay informed about the world with our General Knowledge...

Biotechnology

Discover the cutting-edge world of biotechnology with our Biotechnology category....

UIDAI Aadhaar Supervisor Certification

Prepare for the UIDAI Aadhaar Supervisor Certification with our specialized category....