Part III FILLS THE BLANK SPACE (6 pt) 1. is written for a ear or for a specified number of years and terminates automatically at the end of the designated period. 2. is a type of contract under which the insured may renew his policy before its expiration date without making another medical examination or otherwise proving that he still is insurable.

Question

Part III FILLS THE BLANK SPACE (6 pt) 1. is written for a ear or for a specified number of years and terminates automatically at the end of the designated period. 2. is a type of contract under which the insured may renew his policy before its expiration date without making another medical examination or otherwise proving that he still is insurable.

Answer 1

1. **A term life insurance policy** is written for a set period or a specified number of years and terminates automatically at the end of the designated period. Term life insurance provides coverage for a specific length of time, such as 10, 20, or 30 years. If the insured dies within the policy's term, the death benefit is paid. If the term expires and the insured is still living, the coverage ends.2. **A guaranteed renewable policy** is a type of contract under which the insured may renew their policy before its expiration date without making another medical examination or otherwise proving they are still insurable. The insurer guarantees the insured's right to renew for a specified period, regardless of changes in the insured's health. However, the premiums can increase at each renewal period for the entire insured group.

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