Question

What distinguishes a "Money Back Policy" from endowment plans?

a.

Money back policies offer periodic "survivance payments" during the policy term

b.

Money back policies have higher premium rates compared to endowment plans

c.

Money back policies do not offer a death benefit

d.

Money back policies do not provide a lump sum amount upon maturity

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (a).Money back policies offer periodic "survivance payments" during the policy term Explanation:A "Money Back Policy" differs from endowment plans in that it offers periodic "survivance payments" during the policy term, along with a lump sum amount upon surviving the policy's term, while endowment plans typically do not offer periodic payments during the term.

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Q. What distinguishes a "Money Back Policy" from endowment plans?
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