Multiple Choice
Which two of the following are examples of discretionary spending in government budgets?
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1. Introduction to Accounting
Types of Accounting
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Life insurance may be classified as which of the following types?
A
Deferred revenue insurance
B
Whole life insurance
C
Accounts receivable insurance
D
Term deposit insurance
Verified step by step guidance1
Understand the concept of life insurance: Life insurance is a contract between an individual and an insurance company, where the company provides a lump sum payment to beneficiaries upon the insured's death in exchange for premium payments.
Review the types of life insurance: Common types include whole life insurance, term life insurance, and universal life insurance. Each type has distinct features and benefits.
Analyze the options provided: Deferred revenue insurance, accounts receivable insurance, and term deposit insurance are not types of life insurance. These terms are unrelated to the concept of life insurance.
Identify the correct type: Whole life insurance is a type of life insurance that provides coverage for the insured's entire lifetime and includes a savings component that accumulates cash value over time.
Conclude that the correct answer is 'Whole life insurance' based on the definitions and characteristics of life insurance types.
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