A life insurance policy was introduced as a protection against the uncertainty of life.
True
False
A
True
B
False
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Solution
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The life insurance corporation (LIC) was established with a purpose to insure the life of the humans. In a Life insurance contract, the insurer or the insurance company undertakes to insure the life of a person in exchange for a sum of money called premium.
This premium may be paid in lump sum, or monthly, quarterly, half yearly or yearly. The insurance company promises to pay a certain sum of money either on the death of the person or on his attaining a certain age.
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