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JAMB Commerce 2002 Question 14

Question 14

Insurance

Under the endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the

  1. A.indemnity
  2. B.surrender value
  3. C.lump sum benefit
  4. D.insurance premium
Show the answer and explanation

Answer: C (lump sum benefit)

Explanation

An endowment policy pays a lump sum at the end of the agreed period, or earlier if the insured dies.