Question

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

a.

It offers a higher sum assured

b.

It has a shorter policy term of 24 months or less

c.

It provides coverage for critical illnesses

d.

It includes a return of premiums paid on the date of maturity

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).It has a shorter policy term of 24 months or less Explanation:Temporary Term Assurance is characterized by a shorter policy term of 24 months or less, making it distinct from other types of term assurance.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

Q. What is an Immediate Annuity?

View solution

Q. What distinguishes Temporary Annuities from Immediate Annuities?

View solution

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

View solution

Q. In joint life or joint survivor annuities, what happens to the payments upon the death of one or both of the annuitants?

View solution

Q. What is the typical payment mode for annuity contracts?

View solution

Q. What is an Immediate Annuity?

View solution

Q. What is a characteristic of Increasing 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!

Corrosion Engineering

Master the art of preventing material deterioration with our Corrosion Engineering...

Avionics Engineering

Soar into the world of aviation technology with our Avionics Engineering category....

Cell Biology

Delve into the fascinating world of Cell Biology with our specialized category....

Bioinformatics

Unlock the power of data analysis in biology with our Bioinformatics category....

IC 92 Actuarial Aspects of Product Development

Sharpen your understanding of actuarial principles in product development with our...

Textile Engineering

Explore the dynamic world of Textile Engineering with our specialized category. Delve...

Environment Management

Master the art of Environment Management with our specialized category. Explore...

IC90 Human Resource Management

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

Geotechnical Engineering

Dive into the world of Geotechnical Engineering with our dedicated category. Explore...