3. Explain the difference between an ordinary life and group life insurance poli

Question

3. Explain the difference between an ordinary life and group life insurance policy. Also, explain the difference between a term life and whole life policy.




3. Explain the difference between an ordinary life and group life insurance policy. Also, explain the difference between a term life and whole life policy.




3. Explain the difference between an ordinary life and group life insurance policy. Also, explain the difference between a term life and whole life policy.



3. Explain the difference between an ordinary life and group life insurance policy. Also, explain the difference between a term life and whole life policy.

Explanation / Answer

Ordinary life insurance insures only for a single person. Group life insurance is a single insurance which covers a group of people. Group life insurance owner typically is an employer of a company who insures his employees.

If a life insurance is applicable only for a fixed time period of time, then it is called as term life insurance. If that person dies within the fixed time period then that money is given to the beneficiary.

If a life insurance is applicable throughout a persons life time, then it is called whole life insurance.

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