Question

What is the definition of death benefit?

a.

The benefit payable upon maturity of the policy

b.

The benefit payable upon surrender of the policy

c.

The benefit payable upon death as specified in the policy document

d.

The benefit payable upon lapse of the policy

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).The benefit payable upon death as specified in the policy document Explanation:Death benefit refers to the benefit agreed at the inception of the contract, which is payable on death as specified in the policy document.

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