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what is whole life insurance
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Asked 4/9/2012 3:45:17 PM
Updated 5/30/2014 8:54:20 AM
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Flagged by yeswey [5/30/2014 8:53:51 AM]
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User: what is whole life insurance

Weegy: Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. [ An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. ]
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Question
Asked 4/9/2012 3:45:17 PM
Updated 5/30/2014 8:54:20 AM
1 Answer/Comment
This conversation has been flagged as incorrect.
Flagged by yeswey [5/30/2014 8:53:51 AM]
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Whole life insurance, or whole of life assurance is a life insurance policy that remains in force for the insured's whole life and requires (in most cases) premiums to be paid every year into the policy.
Added 5/30/2014 8:54:20 AM
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