Question

Mr. Bansa assured his life for N500,000 for a period of 25 years. He lived up to the end of that period.
What type of insurance policy has been taken by Mr. Bansa?
Who will collect the benefit? Why?

2. Suppose Mr. Bansa in question 1 had, instead, insured himself for the same amount but payable in one lump sum upon his death. What type of life assurance would this be?

3. Distinguish between the comprehensive cover and third-party cover in vehicle insurance.

Answer 1

Answer:

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