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Wyatt is shopping for life insurance and is mainly concerned with the policy's death benefit. which index should he be looking at when making comparisons is net payment cost index.
what is life insurance?
A contract between an insurance policy holder and an insurer or assurer in which the insurer agrees to pay a specific beneficiary a certain amount of money upon the death of an insured person is known as life insurance (or life assurance, particularly in the Commonwealth of Nations) (often the policy holder). Other occurrences, such critical illness or terminal disease, may also result in payment, depending on the terms of the contract. A premium is normally paid by the policyholder, either on a regular basis or all at once. Other costs, such burial costs, could be covered by the benefits.
Because life insurance plans are contracts, their terms specify the exclusions that apply to the insured occurrences. The liability of the insurer is frequently limited by specific exclusions included in the contract.
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