Chapter15: Medical Care Reform In The United States
Section: Chapter Questions
Problem 8QAP
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Question
Explain what is meant by the following sentence: “All Whole Life policies involve prefunding of future mortality costs.”
Expert Solution
Step 1
Whole life insurance policies involve certain criteria that needs to be fulfilled by the consumer of the policy.
Prefunding of future mortality costs means that there are certain future costs which are calculated,while considering the interest rate of the policy.
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