Business Studies, asked by afiyanaushey29, 9 hours ago

why life assurance considered as a contract of assurance?

Answers

Answered by sanjoosingh1182

2

Answer:

Assurance means the security for compensation. ... In life insurance the compensation is paid either on the death or on expiry of a specific time period whichever comes earlier. Since payment of compensation is assured by the insurance company that is why life insurance is considered as a contract of assurance.

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