What Type of Insurance Is Written for a Specified Number

question 37

Multiple Choice

What type of insurance is written for a specified number of years and terminates at the end of that period?

• A) term insurance
• B) whole life insurance
• C) endowment insurance
• D) universal insurance

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Definitions:

Actual Costs

The real expenditure incurred in the manufacturing or production of goods and services, as opposed to estimated costs.

Standard Costs

Predetermined or estimated costs of manufacturing, selling, or performing a service, used as benchmarks against actual costs for budgetary control and performance measurement.

Price Variances

Differences between the actual prices paid for goods or services and the expected or standard prices.

Quantity Variances

The difference between the expected amount of inputs needed for production and the actual amount used, often analyzed in cost accounting to assess efficiency.