one of the feature of ”with profit whole life assurance” is that profit is allocated to the policy?
-
A.
as soon as the policy holder dies -
B.
up to the date of death of the policyholder -
C.
when the insurer decides to pay the policyholder -
D.
as soon as the insured surrenders the policy
Correct Answer: Option B
Explanation
What is a Whole Life policy? A Whole Life policy will pay out a lump sum benefit when the life assured dies. This type of Whole of Life policy provides cover for the rest of your life.
Whole-of-life policies payout a lump sum when you die, whenever that is. The size of the payout depends on your policy. With some policies, you can stop paying once you reach a certain age, but with others you have to make monthly or annual payments right up until you die.