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WAEC Commerce 2016 Question 4

Question 4

Insurance

Which of the following is an example of life assurance?

  1. A.Third party policy
  2. B.Comprehensive policy
  3. C.Fidelity guarantee policy
  4. D.Endowment policy
Show the answer and explanation

Answer: D (Endowment policy)

Explanation

An endowment policy is a life assurance policy that pays on a fixed date or on earlier death.