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A typical example of an event covered by an Assurance Policy is

Commerce
JAMB 2024

A typical example of an event covered by an Assurance Policy is

  • A. accident
  • B. death
  • C. burglary
  • D. fire
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Correct Answer: Option B
Explanation

Assurance policies, commonly known as life insurance policies, provide financial protection to the policyholder's beneficiaries in the event of their death. Upon the death of the insured person, the policy pays out a predetermined sum of money to the designated beneficiaries. This payout is intended to provide financial support to the family or dependents of the deceased.


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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts