The two basic types of life insurance policies are: a. Universal and Endowment b. Term and Permanent Whole Life c. General and Select d. Long Term and Short Term

A life insurance policy is a contract that someone gets with an insurance company. The purchaser makes payment to the company and if the person passes away, the insurance company will pay a large lump-sum payment known as a death benefit. Life insurance policies vary based on the purchaser. Whole and Term are two different types of life insurance policies. Whole life insurance coverage covers you your entire life whereas term life insurance only pays if needed during a certain term in life.

ogorwyne ogorwyne · Answer 2 · 2022-01-26T15:32:59+01:00

ogorwyne ogorwyne

26-01-2022

The two basic types of life insurances are Term and Permanent Whole Life.

The answer to the question is option B.

What is a life insurance?

This is type of insurance that pays an amount of money to a person when the person dies or the money is paid to them after a set period of time.

The Term and Permanent Whole Life are the two common types of life insurance.