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ISR3702 Assignment 2 Semester 2 2024
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ISR3702 Assignment 2 Semester 2 2024 QUESTIONS WITH COMPLETE ANSWERS
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ISR3702Assignment 2
Semester 2 2024
QUESTIONS WITH ANSWERS
, ISR3702 Assignment 2 Semester 2 2024
Question 1 (46 marks)
Latu Life Insurance Company provides financial services in the Republic of
South Africa. In January 2024 the company received the following
applications:
1.1 Indicate an appropriate life policy or policies for each application and
substantiate your answer. (22)
To determine appropriate life policies for the applications Latu Life
Insurance Company received in January 2024, I would need details on
each specific application. For each applicant, you would typically consider
factors such as their age, health status, financial situation, and specific
needs or goals, such as providing for dependents, covering debts, or
planning for retirement.
Here’s an overview of possible types of life insurance policies that could be
applicable:
1. Term Life Insurance – This policy provides coverage for a specified
term (e.g., 10, 20, or 30 years). It’s ideal for individuals who want
coverage for a specific period, such as during the years when they
have financial obligations like a mortgage or children to support.
2. Whole Life Insurance – This is a permanent life insurance policy
that provides coverage for the insured's entire life. It also includes a
savings component, where the policy builds cash value over time. It’s
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