B Com Exam > B Com Videos > Advanced Corporate Accounting > Accounts of Life Insurance Companies - Theory (Part-1)
Accounts of Life Insurance Companies - Theory (Part-1) Video Lecture | Advanced Corporate Accounting - B Com
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FAQs on Accounts of Life Insurance Companies - Theory (Part-1) Video Lecture - Advanced Corporate Accounting - B Com
| 1. What are the main types of life insurance policies offered by insurance companies? |  |
Ans. The main types of life insurance policies offered by insurance companies are term life insurance, whole life insurance, universal life insurance, and variable life insurance.
| 2. How does term life insurance differ from whole life insurance? | |
Ans. Term life insurance provides coverage for a specific period of time, such as 10 or 20 years, while whole life insurance provides coverage for the entire lifetime of the insured individual. Term life insurance is typically more affordable than whole life insurance.
| 3. What is the cash value component in a whole life insurance policy? | |
Ans. The cash value component in a whole life insurance policy is a savings account that grows over time and can be accessed by the policyholder through withdrawals or loans. This cash value can also be used to pay premiums or increase the death benefit.
| 4. How do insurance companies determine the premiums for life insurance policies? | |
Ans. Insurance companies determine the premiums for life insurance policies based on factors such as the age, health, occupation, and lifestyle of the insured individual, as well as the type and amount of coverage requested.
| 5. Can the beneficiaries of a life insurance policy be changed? | |
Ans. Yes, the beneficiaries of a life insurance policy can usually be changed by the policyholder at any time. The policyholder simply needs to contact the insurance company and request a change of beneficiaries.
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Nov 22, 2024 Last updated |
Video Description: Accounts of Life Insurance Companies - Theory (Part-1) for B Com 2024 is part of Advanced Corporate Accounting preparation.
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