Author name: Administrator

✅ The correct answer is A.
According to common law, At the time of taking policy insurable interest must be present in a life insurance contract. If there was no insurable interest requirement, some people would be tempted to purchase life insurance policies to collect the death benefit by killing the insured. A person is always considered to have an unlimited insurable interest in his own life and health.

✅ The correct answer is B.
Human Life Value concept measures the value of a human life on the basis of his Net earnings. The human life value concept deals with human capital, which is a person’s income potential. It goes beyond just the numbers and considers the overall impact of losing someone, especially the breadwinner.

✅ The correct answer is B.
Terminal bonus is also known as persistency bonus which is paid once, i.e. at the time of maturity of the policy. It is a sort of loyalty bonus given to a policyholder for maintaining the policy till maturity.

✅ The correct answer is C.
Nominee doesnot have right to whole/part of the claim.