Unit Standard 114983: Assignment Outcome 1
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Question 1 of 3
1. Question
1.1.1.1 Define the term ‘’Long Term insurance”. Also, differentiate among the following terms used in insurance:
i) Paid up value
ii) Cash value
iii) Surrender value
(4 marks)
1.1.1.2 Differentiate between unit linked life insurance policies and conventional polices in terms of flexibility of investment, maturity benefits pay-out and the charges structure under each of these policy categories. (6 marks)
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Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 2 of 3
2. Question
Why would anyone want to take out cover for life insurance? (4 marks)
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Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 3 of 3
3. Question
Explain how the FAIS and the Long-Term Insurance Act govern the Long-Term insurance industry. (6 marks)
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Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -