Question

What event defines 'Maturity' in insurance contracts?

a.

Death of the life assured

b.

Survival of the life assured on the exact date of maturity

c.

Payment of premiums

d.

Surrender of the policy

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).Survival of the life assured on the exact date of maturity Explanation:'Maturity' in insurance contracts refers to the survival of the life assured on the exact date of maturity of the contract.

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