Explanation:
An endowment life insurance contract guarantees a lump sum payment either upon the death of the insured individual during the policy term or at the maturity of the policy if the insured is still alive. In contrast, term life insurance only pays out if the policyholder dies during the specified term, and whole life insurance lasts for the entire lifetime of the insured.
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Q.17 An insurance contract that lasts for a specified period and pays a lump sum either when the policyholder dies or at the end of the period, whichever comes first, is known as:
A
Term life insurance
B
Whole life insurance
C
Endowment life insurance
D
Universal life
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