Question

What is a Convertible Whole Life Policy?

a.

A policy that provides coverage for a limited period and then expires

b.

A policy that combines elements of whole life and term life insurance, with the option to convert to an endowment policy after a specified period

c.

A policy that covers multiple individuals under a single plan

d.

A policy that allows the insured to convert to a different insurance company

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).A policy that combines elements of whole life and term life insurance, with the option to convert to an endowment policy after a specified period Explanation:A Convertible Whole Life Policy provides for very low insurance premiums with maximum risk cover initially, with the option to convert to an endowment policy after a specified period.

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