Life Insurance

Question 1

a unique legal contract which insures the life of a person

Answer 1

life insurance

Question 2

a stipulated consideration paid by the insured

Answer 2

premium

Question 3

Who came up with the human life concept

Answer 3

Dr. s.S. heubner

Question 4

What did Dr. S. S. Heubner came up with

Answer 4

The human life concept

Question 5

this demonstrates how life and health insurance contained solutions to the problem of protecting human life values against economic loss through death, disability and old age

Answer 5

human life value concept

Question 6

according to dr heubner, the human life can

Answer 6

• be expressed as a monetary value
• determine the economic value of the person by discounting estimated future earnings used for the family and at reasonable rate of interest
• provide a way to measure how much financial protection a family may need

Question 7

The person whose life is covered under a life insurance policy; the person who is given the insurance protection.

Answer 7

insured

Question 8

The person who receives the life insurance proceeds upon the death of the insured.

Answer 8

beneficiary

Question 9

The amount payable to the beneficiary upon the death of the insured, as stated in the life insurance policy.

Answer 9

Face amount / sum Assured

Question 10

The amount of money that must be regularly paid to the insurance company to keep the insurance policy in force.

Answer 10

Premium

Question 11

The written contract between the insured and the insurance company.

Answer 11

Policy