Insurance and Investments
11th Grade · Economics · 60 min
Lesson Preview
Learning Objective
I can describe different types of insurance and investments.
- 1
Insurance is a legal contract where the insurance company provides financial protection in the event of an unforeseen event, and the amount the individual receives is called the sum assured.
- 2
Term life insurance provides coverage for a fixed term, and if the policyholder outlives the term, they do not receive any money on maturity, whereas whole life insurance provides coverage for a lifetime.
- 3
Health insurance covers medical expenses, and motor insurance provides financial assistance if you have an accident with your bike or car.
