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What are the functions of life insurance?

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What are the functions of life insurance?

The doubt is from Insurance topic

The question was posed to me in unit test.

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The correct answer is: It insures an individual against the risk of financial loss in case of death. It does not include a savings plan; it is strictly an insurance protection contract, similar to auto, home, or health insurance. The owner buys a certain amount of coverage and pays an annual premium based on the insured's age.

The title of my answer is Life Insurance, Purposes and Basic Policies | MU Extension

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