one of the feature of ''with profit whole life assurance'' is that profit is allocated...

Insurance

WAEC 2017

one of the feature of ''with profit whole life assurance'' is that profit is allocated to the policy?

A. as soon as the policy holder dies
B. up to the date of death of the policyholder
C. when the insurer decides to pay the policyholder
D. as soon as the insured surrenders the policy

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Correct Answer: Option B

Explanation

What is a Whole Life policy? A Whole Life policy will pay out a lump sum benefit when the life assured dies. This type of Whole of Life policy provides cover for the rest of your life.

Whole-of-life policies payout a lump sum when you die, whenever that is. The size of the payout depends on your policy. With some policies, you can stop paying once you reach a certain age, but with others you have to make monthly or annual payments right up until you die.

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