Outline and Briefly Explain the Different Classes of Life Insurance

question 65

Essay

Outline and briefly explain the different classes of life insurance as set out in the Life Insurance Act 1995.

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Definitions:

Alimony

Monetary payments by one ex-spouse to the other after a divorce (sometimes called spousal maintenance).

Psychic

A person who claims to use extrasensory perception (ESP) to identify information hidden from the normal senses, or someone deeply sensitive to spiritual forces.

Establish Separate

To create or set up something (such as a unit, institution, or residence) to function independently or in a newly segregated manner.

Living Together

A situation where two or more people, often in a romantic relationship, share a common residence without being legally married.