What is life insurance?(1 point)
Responses
It is a contract purchased by the policyholder that commits the insurance company, in exchange for premiums paid, to pay a specified amount of money when the insured passes away.
It is a contract purchased by the policyholder that commits the insurance company, in exchange for premiums paid, to pay a specified amount of money when the insured passes away.
It is used to protect income in case of illness or injury for people younger than 65 years who have worked for at least 10 years.
It is used to protect income in case of illness or injury for people younger than 65 years who have worked for at least 10 years.
It is often sponsored by the employer as part of benefits and provides protection to an employee while they cannot work and therefore earn enough money.
It is often sponsored by the employer as part of benefits and provides protection to an employee while they cannot work and therefore earn enough money.
It helps cover costs for the day-to-day care of people with chronic illnesses, disabilities or disorders.
It helps cover costs for the day-to-day care of people with chronic illnesses, disabilities or disorders.
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Life insurance is a contract purchased by the policyholder that commits the insurance company, in exchange for premiums paid, to pay a specified amount of money when the insured passes away.
The other responses describe different types of insurance or benefits, such as disability insurance or employer-sponsored benefits for employees who cannot work, and long-term care insurance, which helps cover the costs for people with chronic illnesses or disabilities. These are not descriptions of life insurance.