Question

What is the Sum Assured on death?

a.

The amount payable upon maturity of the policy

b.

The absolute amount of benefit guaranteed to be paid upon death of the life assured

c.

The amount of premium paid by the policyholder

d.

The total value of assets held by the insurer

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).The absolute amount of benefit guaranteed to be paid upon death of the life assured Explanation:Sum Assured on death refers to an absolute amount of benefit which is guaranteed to become payable on the death of the life assured, in accordance with the terms and conditions of the policy.

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