Question

What is the key feature of Convertible term assurance?

a.

It allows the insured to renew the term assurance at the end of the original contract

b.

It allows the insured to convert the term assurance into another type of contract without medical underwriting

c.

It allows the insured to withdraw the sum assured at any time during the contract period

d.

It allows the insured to receive double the sum assured at maturity

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).It allows the insured to convert the term assurance into another type of contract without medical underwriting Explanation:Convertible term assurance allows the insured to convert the term assurance into another type of contract without medical underwriting.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

Q. What distinguishes Temporary Term Assurance from other types of term assurance?

View solution

Q. What is the unique feature of Term Assurance with Return of Premium?

View solution

Q. What is the characteristic of Decreasing Term Assurance?

View solution

Q. What is the primary purpose of Pure Term Assurance?

View solution

Q. What is the distinguishing feature of Increasing Term Assurance?

View solution

Q. What is the primary benefit of Whole Life Assurance?

View solution

Q. What distinguishes Double Endowment from Endowment Assurance?

View solution

Q. What is the primary characteristic of Pure Endowment?

View solution

Q. Which type of assurance provides benefit payment on death during the specified policy term and on survival at the date of maturity?

View solution

Q. What term is used to refer to the fixed benefit amount in insurance contracts?

View solution

Q. What event defines 'Death' in insurance contracts?

View solution

Q. What event defines 'Maturity' in insurance contracts?

View solution

Q. What is a Deferred Annuity?

View solution

Q. What is the typical characteristic of a participative deferred annuity?

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!

Mechatronics

Enter the world of integrated engineering systems with our Mechatronics category....

Instrumentation Transducers

Master the art of instrumentation and transducers with our specialized category....

Waste Water Engineering

Navigate the challenges of wastewater treatment and management with our Waste Water...

Irrigation Engineering

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

Renewable Energy

Explore the sustainable future of energy with our Renewable Energy category. Dive...

Biotechnology

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

Marketing and Marketing Management

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

IC22 Life Insurance Underwriting

Prepare for success in the Insurance Institute of India (III) examination with IC22...

Human Resource Management

Explore the dynamic field of Human Resource Management (HRM) with our dedicated...