Question

Upon selling, renewing, or converting the term policy, the premium is figured at the attained age or in other words, the insured's age at the time of the transaction.

a) True
b) False

Answer 1

The premium for selling, renewing, or converting a term policy is based on the attained age (insured's age at the time of the transaction).

Step-by-step explanation:

The statement is True.

When it comes to insurance policies, the premium is typically calculated based on the insured's age at the time of the transaction. This is known as the attained age. So, if a term policy is being sold, renewed, or converted, the premium would be figured at the attained age of the insured.