JAMB - Commerce (2024 - No. 53)
A typical example of an event covered by an Assurance Policy is
accident
death
burglary
fire
Paliwanag
Assurance policies, commonly known as life insurance policies, provide financial protection to the policyholder's beneficiaries in the event of their death. Upon the death of the insured person, the policy pays out a predetermined sum of money to the designated beneficiaries. This payout is intended to provide financial support to the family or dependents of the deceased.