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WAEC Commerce 2009 Question 45

Question 45

Insurance

A type of life policy where the assured or his dependents will not get anything if he did not die within the period of the policy is known as

  1. A.group policy
  2. B.whole life policy
  3. C.endowment policy
  4. D.term policy
Show the answer and explanation

Answer: D (term policy)

Explanation

A term policy pays only if death occurs within the stated term.