life insurance is a contract of?
-
A.
indemnity -
B.
subrogation -
C.
benefit -
D.
contribution
Correct Answer: Option C
Explanation
A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. Typically, life insurance is chosen based on the needs and goals of the owner. is a contract of benefit