WAEC - Insurance (2016 - No. 5)
A term insurance policy is cheap because?
there is no claim if the insured survives the period
the claim is small and easy to pay
there is claim if the insured survives the period
there is no payment due to the insured
Explication
Term insurance is generally cheaper because the coverage is only provided for a specific period of time. In most cases, the insurance company will never pay out because you will outlive the term and the policy will expire.