Group Quiz

The person whose life is covered under the insurance contract

The amount that an insurer guarantees to pay up under the policy on the occurrence of the insured event. This is also known as the cover or the coverage amount

The person who owns the insurance policy

It is the number of years the life assured is insured for.

The person to whom the policy ownership (rights and benefits) is transferred.

It is the simplest and basic insurance that provides coverage to the nominees in case of the death of Life assured

The duration over which premiums are payable by policy holder

Extra days allowed to pay the premium post the premium due date without any loss of continuity of benefits. It is 15 days for monthly frequency and 30 days for remaining frequencies

The person who receives the death benefit in case of death of the life assured

The person named in the policy to receive the insurance proceeds at the death of the insured