Question

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

a.

Premium

b.

Sum Assured

c.

Bonus

d.

Annuity

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).Sum Assured Explanation:The fixed benefit amount in insurance contracts is commonly referred to as Sum Assured.

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