IIQE Paper 3 Practice Questions - IIQE Paper III - Long Term Insurance Examination Exam

Which of the following describes the core purpose of a life insurance contract?

To provide a speculative profit to the policyholder upon the death of the insured To pay a specified sum of money upon the occurrence of a contingent event affecting human life To indemnify the policyholder for the exact depreciation value of physical property To guarantee a fixed return on high-risk stock market investments

Correct Answer:

To pay a specified sum of money upon the occurrence of a contingent event affecting human life

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