Question

What is the primary purpose of Pure Term Assurance?

a.

To provide coverage for critical illnesses

b.

To return premiums paid upon the insured's death

c.

To offer increasing death benefits over time

d.

To provide benefit payment on death only during a specified policy term

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (d).To provide benefit payment on death only during a specified policy term Explanation:Pure Term Assurance is designed to provide benefit payment on death only during a specified policy term, without any additional features such as returning premiums or coverage for critical illnesses.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

Q. What is the feature of Decreasing Annuity?

View solution

Q. What is an annuity-certain policy?

View solution

Q. What is a Last Survivor 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!

Data Interpretation

Master the art of data analysis and interpretation with our Data Interpretation...

Cell Biology

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

Genetic Engineering

Unlock the potential of Genetic Engineering with our dedicated category. Explore gene...

Geotechnical Engineering

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

Molecular Biology

Dive into the intricate world of molecular biology with our specialized category....

Concrete Technology

Welcome to Concrete Technology, a category that unravels the secrets behind the...

Biochemical Engineering

Master the synergy of biology and engineering with our Biochemical Engineering...

Financial Management and Financial Markets

Master the world of finance with our Financial Management and Financial Markets...

Tissue Engineering

Delve into the cutting-edge field of Tissue Engineering with our specialized...