Question

What are limited premium payment products?

a.

Products with limited coverage duration

b.

Products with limited benefits

c.

Products with limited premium payment period compared to the policy term

d.

Products with limited eligibility criteria

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (c).Products with limited premium payment period compared to the policy term Explanation:Limited premium payment products refer to non-linked insurance products where the premium payment period is limited/shorter compared to the policy term and are paid at regular intervals like yearly, half-yearly, etc.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What are limited premium payment products?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the lock-in period in insurance policies?

View solution

Q. What is maturity benefit?

View solution

Q. What does Net Asset Value (NAV) represent?

View solution

Q. What are partial withdrawals in insurance?

View solution

Q. What are regular premium products?

View solution

Q. What are rider benefits in insurance?

View solution

Q. What is the revival of a policy?

View solution

Q. What is the revival period?

View solution

Q. What are single premium products?

View solution

Q. What is the Sum Assured on death?

View solution

Q. What is Sum Assured on maturity?

View solution

Q. What does surrender mean?

View solution

Q. What is Surrender Value?

View solution

Q. What are switches in insurance?

View solution

Q. What are Non-linked or linked Whole Life products?

View solution

Q. What is a top-up premium?

View solution

Q. What do units represent in a unit-linked fund?

View solution

Q. How is an accident defined in insurance?

View solution

Q. What does accident benefit provide for?

View solution

Q. What do age limits stipulate in insurance?

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!

Enzyme Technology

Unlock the power of enzymes with our Enzyme Technology category. Explore enzyme...

Instrumentation Transducers

Master the art of instrumentation and transducers with our specialized category....

Optical Communication

Explore the world of high-speed data transmission with our Optical Communication...

Fluid Mechanics

Unlock the mysteries of fluids and their behavior with our Fluid Mechanics category....

Mechanical Engineering

Explore the world of Mechanical Engineering with our specialized category. Dive into...

IC85 Reinsurance Management

Gear up for success in the Insurance Institute of India (III) examination with IC85...

General Knowledge

Expand your horizons and stay informed about the world with our General Knowledge...

Automotive Engine Design

Embark on a thrilling exploration of Automotive Engine Design, where the intricacies...

Civil Engineering

Dive into the world of Civil Engineering with our specialized category. Explore the...