“A contract that pledges payment of an agreed upon amount to the person (or his/her nominee) on the happening of an event covered against” is technically known as

Q. “A contract that pledges payment of an agreed upon amount to the person (or his/her nominee) on the happening of an event covered against” is technically known as

A.            Death coverage

B.            Life insurance

C.            Savings for future

D.            Provident fund

Answer: Life insurance