Permanent insurance is also known as ________.
A)endowment insurance
B)term insurance
C)group insurance
D)individual insurance

Question

Quizplus · Accepted Answer

Permanent insurance is also known as endowment insurance, as it provides coverage for the entire lifetime of the insured and pays out a lump sum at the end of the policy term. Term insurance, on the other hand, provides coverage for a specific period of time, usually 10-30 years. Group insurance and individual insurance refer to how the insurance is obtained, with group insurance being provided through an employer or organization and individual insurance being purchased individually.

Permanent Insurance Is Also Known as ________