LML4805 EXAM PACK QUESTIONS AND ANSWERS LATEST UPDATE 2024

LML4805 EXAM PACK QUESTIONS AND ANSWERS LATEST UPDATE 2024QUESTION 1: The insured and the person concluding the insurance contractwith the insurer • the person taking out the insurance (ie, the person concluding the contract with the insurer) A may insure his or her own interest in his or her own house. A may insure his or her own interest in B’s house. A may insureB’s interest in his or her own (A’s) house, or in B’s house,or in C’s house. • the insured is the person who enjoys protection in termsof the policy and he is the 1st holder of the policy. QUESTION 2: The insured, the life insured and the beneficiary in terms of a life insurance contract; • the insured is the person who enjoys protection in termsof the policy and he is the 1st holder of the policy. • The life insured is the person whose life is insured • The beneficiary is the person who will benefit from the policy John insures his wife Mary’s life and names his daughter Graceas beneficiary