Elucidate in detail the obligation of the insurer

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Reference no: EM1382731

Q. Elucidate the difference among the insured, the owner, and the beneficiary of a life insurance policy. Give a specific example in which each party might be a different person.

Elucidate in detail the obligation of the insurer under a straight life income option, life income with 10 years certain, and life income with instalment refund.

Settlement options of life insurance policies comprise lump sum, the interest option, instalments for a fixed period, instalments of a fixed amount, and life income options. Elucidate each.

Reference no: EM1382731

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