MISCELLANEOUS EXERCISE - 2 - Fill in the Blanks
1. An installment of money paid for insurance is called premium.
2. General insurance covers all risks except life.
3. The value of insured property is called property value.
4. The proportion of property value to insured value is called policy value..
5. The person who receives annuity is called annuitant
6. The payment of each single annuity is called installment.
7. The intervening time between payment of two successive installments is called as payment period.
8. An annuity where payments continue forever is called perpetuity.
9. If payments of an annuity fall due at the beginning of every period, the series is called annuity annuity due.
10. If payments of an annuity fall due at the end of every period, the series is called annuity immediate annuity R..