B Com Exam > B Com Videos > Principles of Insurance > Traditional Product (Part - 1) - Life insurance product, Principles of Insurance
Traditional Product (Part - 1) - Life insurance product, Principles of Insurance Video Lecture | Principles of Insurance - B Com
|
49 videos|51 docs|14 tests
|
FAQs on Traditional Product (Part - 1) - Life insurance product, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What is a life insurance product? |  |
Ans. A life insurance product is a type of financial product that provides financial protection to individuals and their families in the event of the insured's death. It offers a payout, known as the death benefit, to the beneficiaries listed in the policy. This payout can be used to cover funeral expenses, outstanding debts, mortgage payments, or to provide financial support to dependents left behind.
| 2. How does a life insurance policy work? | |
Ans. A life insurance policy works by the insured paying regular premiums to the insurance company. In return, the insurance company agrees to provide a payout, the death benefit, to the beneficiaries named in the policy upon the insured's death. The policyholder can choose the amount of coverage they want and the duration of the policy. If the insured dies while the policy is in force, the beneficiaries receive the death benefit. If the insured survives the policy term, there is no payout.
| 3. What are the different types of life insurance products available? | |
Ans. There are several types of life insurance products available. The most common types include:
- Term life insurance: Provides coverage for a specific term, usually 10, 20, or 30 years. It offers a death benefit if the insured dies within the term but does not accumulate cash value.
- Whole life insurance: Offers coverage for the entire lifetime of the insured. It combines a death benefit with a cash value component that grows over time.
- Universal life insurance: Similar to whole life insurance but offers more flexibility in premium payments and death benefit amounts.
- Variable life insurance: Allows the policyholder to invest the cash value component in various investment options, such as stocks and bonds.
| 4. How is the premium amount determined for a life insurance policy? | |
Ans. The premium amount for a life insurance policy is determined based on several factors, including the insured's age, gender, health condition, occupation, lifestyle habits (such as smoking), and the desired coverage amount. Insurance companies use actuarial tables and underwriting guidelines to assess the risk associated with insuring an individual and calculate an appropriate premium. Generally, younger and healthier individuals pay lower premiums compared to older or less healthy individuals.
| 5. Can I modify my life insurance policy after purchasing it? | |
Ans. Yes, it is possible to modify a life insurance policy after purchasing it, depending on the terms and conditions of the policy and the insurance company's policies. Common modifications include increasing or decreasing the coverage amount, extending or shortening the policy term, or adding additional riders for enhanced coverage, such as critical illness or disability benefits. However, any modifications may be subject to underwriting review, and changes may result in adjustments to the premium amount. It is important to review the policy contract and consult with the insurance company or agent to understand the options and implications of modifying a life insurance policy.
Related Exams
About this Video
|
4.92/5 Rating |
|
Dec 23, 2024 Last updated |
Video Description: Traditional Product (Part - 1) - Life insurance product, Principles of Insurance for B Com 2024 is part of Principles of Insurance preparation.
The notes and questions for Traditional Product (Part - 1) - Life insurance product, Principles of Insurance have been prepared according to the B Com exam syllabus.
Information about Traditional Product (Part - 1) - Life insurance product, Principles of Insurance covers all important topics for B Com 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Traditional Product (Part - 1) - Life insurance product, Principles of Insurance.
Introduction of Traditional Product (Part - 1) - Life insurance product, Principles of Insurance in English is available as part of our Principles of Insurance for B Com & Traditional Product (Part - 1) - Life insurance product, Principles of Insurance in
Hindi for Principles of Insurance course. Download more important topics related with notes, lectures and mock test series for
B Com Exam by signing up for free.
Description
Video Lecture & Questions for Traditional Product (Part - 1) - Life insurance product, Principles of Insurance Video Lecture | Principles of Insurance - B Com - B Com full syllabus preparation | Free video for B Com exam to prepare for Principles of Insurance.
Information about Traditional Product (Part - 1) - Life insurance product, Principles of Insurance
Here you can find the meaning of Traditional Product (Part - 1) - Life insurance product, Principles of Insurance defined & explained in the simplest way possible.
Besides explaining types of Traditional Product (Part - 1) - Life insurance product, Principles of Insurance theory, EduRev gives you an ample number of questions to practice Traditional Product (Part - 1) - Life insurance product, Principles of Insurance tests,
examples and also practice B Com tests.
|
49 videos|51 docs|14 tests
|
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Extra Questions
,Previous Year Questions with Solutions
,video lectures
,Semester Notes
,Principles of Insurance Video Lecture | Principles of Insurance - B Com
,Traditional Product (Part - 1) - Life insurance product
,Exam
,MCQs
,Important questions
,study material
,Summary
,Objective type Questions
,shortcuts and tricks
,Traditional Product (Part - 1) - Life insurance product
,Principles of Insurance Video Lecture | Principles of Insurance - B Com
,Principles of Insurance Video Lecture | Principles of Insurance - B Com
,mock tests for examination
,practice quizzes
,Free
,Traditional Product (Part - 1) - Life insurance product
,Sample Paper
,ppt
,past year papers
,Viva Questions
;
Study Traditional Product (Part - 1) - Life insurance product, Principles of Insurance on the App
Students of B Com can study Traditional Product (Part - 1) - Life insurance product, Principles of Insurance alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Traditional Product (Part - 1) - Life insurance product, Principles of Insurance,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Traditional Product (Part - 1) - Life insurance product, Principles of Insurance is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup