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An insured arranges for his premium payment to cease at the age of 70. This...

Insurance
WAEC 2018

An insured arranges for his premium payment to cease at the age of 70. This is a whole life policy with 

  • A. indeterminate premium payment
  • B. limited premium payment
  • C. single premium payment
  • D. modified premium payment
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Correct Answer: Option B
Explanation

A limited premium payment plan is a plan where you paythe premium for a shorter span of time and enjoy the benefits of an insurance cover for a long time.

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WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995