Question

What is Sum Assured on maturity?

a.

The absolute amount of benefit payable on death of the life assured

b.

The amount payable upon discontinuance of the policy

c.

The amount guaranteed to be paid upon maturity of the policy

d.

The amount paid by the insurer upon surrender of the policy

Posted under IC 92 Actuarial Aspects of Product Development

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

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