Insurance · Principles of Insurance
Which of the following statements correctly describe the differences between life insurance and general insurance? 1. In life insurance, the risk of death is certain, and only the timing is uncertain. 2. General insurance contracts are typically short-term (annual) contracts, while life insurance contracts are long-term contracts. 3. Life insurance contracts are not contracts of indemnity, whereas general insurance contracts are. 4. The premium for life insurance is based on a mortality table, while the premium for general insurance is based on past loss experience and probable risk factors.
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