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IC 02 – Practice of Life Insurance | III Licentiate Exam Prep 2025
Mock Tests, Printed Guide Book, eBook, Udemy Practice Set, 9R™ Study Plan & IRDAI-Aligned Coaching
Prepare for the III Licentiate Exam – IC 02 Practice of Life Insurance with our complete exam prep toolkit. Access chapter-wise mock tests, real-feel practice sets on Udemy, a 600+ MCQ question bank, and our signature 9R™ Exam Mastery Study Plan. Learn with updated study guides, printed books, eBooks, III syllabus breakdowns, IRDAI Regulatory Updates, and focused On-demand coaching. Master key topics like life insurance products, policy structure, group insurance, ULIP, assignment and nomination, underwriting, policy servicing, and annuities. Ideal for aspirants aiming to clear IC 02 with confidence.
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IC 02 – Practice of Life Insurance | III Licentiate Exam 2025 — At a Glance
- Certification Body: Insurance Institute of India (III)
- Exam Module: IC 02 – Practice of Life Insurance under the III Licentiate Examination
- Ideal For: Life insurance agents, new joinees in insurance companies, agency advisors, freshers entering the life insurance sector
- Exam Format: 100 MCQs | 2 Hours | 60% Passing Marks | No Negative Marking
- Mode of Exam: Online proctored or test-centre based exam across India
- Eligibility Criteria: Open to all aspirants – 12th pass, graduates, and working professionals in BFSI/insurance roles
- Key Topics Covered: Life Insurance Organization, Policy Structure & Terms, Assignment & Nomination, Premium Calculation, Bonuses, Group Insurance, ULIPs, Policy Claims, Lapse & Revival, Annuities, Underwriting, and IRDAI Regulations from IRDAI Circulars
- Reference Framework: III Portal, IRDAI Regulations, for underwriting principles and regulatory updates
- Frequently Tested Concepts: Types of life insurance policies, maturity & death claims, nomination vs assignment, ULIP structure, lapse & revival, policy servicing, and proposal form analysis
- Popular Queries Covered: “How is nomination different from assignment in IC 02?”, “What are the rules of policy revival?”, “How does ULIP work in life insurance?”
- Exam Relevance: Best prepared using mock tests, Udemy-based practice sets, 9R™ Exam Mastery Plan, and Printed + eBook Study Materials tailored for IC 02 2025 exam
Pro Tip: Prioritize claim settlement process, policy terms, ULIP structure, and underwriting concepts. Use our 9R™ framework to focus on chapter-wise weightage and revise with glossary + MCQs for higher retention.
Available Formats for IC 02 – Practice of Life Insurance | III Licentiate Exam Prep
Prepare confidently for the IC 02 – Practice of Life Insurance module under the III Licentiate Exam with multi-format learning tools. Choose from online mock tests, chapter-wise MCQs, exam-ready printed guide books, or mobile-friendly eBooks — all crafted to align with the latest IRDAI regulations and III syllabus. Our 9R™ Exam Mastery Plan ensures structured progress for all life insurance topics like policy servicing, claim processes, ULIPs, nomination/assignment, and more.
Choose a Format That Fits Your Study Style:
Printed Guide Book also available on Amazon & Flipkart
eBook version available for Kindle & Google Play Books
Why Choose Our Study Materials for IC 02 – Practice of Life Insurance | III Licentiate Exam Prep 2025?
- IC 02 mock tests are built using the updated III Licentiate exam syllabus published by the Insurance Institute of India (III).
- We cover life insurance exam key topics such as policy types, nomination vs. assignment, ULIPs, annuities, policy claims, lapse & revival rules, and underwriting principles—mirroring real exam case studies.
- Contains over 1500+ IC 02 practice questions with clear explanations for chapter-wise preparation, life insurance terminology clarity, and IRDAI-aligned learning. Includes updates from IRDAI Circulars.
- Smart analytics in our online mock test series help track your progress, understand chapter-weightage, and identify weak topics like ULIP structure or nomination clauses.
- Choose from Online Mock Test, Udemy Practice Test, Printed Guide Book, Kindle eBook and our exclusive 9R™ Exam Mastery Study Plan to suit your preparation style.
- Our expert team constantly reviews IRDAI and III regulatory notifications and converts them into exam-relevant MCQs and FAQs. Stay current using our Regulatory Updates Resource Page.
- Helps you avoid common errors like confusing revival vs reinstatement, premium payment vs grace period, or misreading assignment types in life insurance contracts.
- Resources are mapped to real exam patterns, III Licentiate question bank insights, and designed for first-time exam success with active learning tools.
- All content developed by industry-acclaimed Subject Matter Experts (SMEs) who train BFSI professionals and have guided hundreds of successful III candidates across India.
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III Licentiate IC 02 – Practice of Life Insurance
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Stay Updated with IRDAI & III Circulars — Aligned for IC 02 Practice of Life Insurance Exam 2025
Regulatory changes play a crucial role in shaping exam questions for the III Licentiate IC 02 – Practice of Life Insurance module. At GurukulOnRoad, we decode key updates issued by the IRDAI and the Insurance Institute of India (III) to help you stay ahead. Understand how regulatory guidelines impact topics like life insurance underwriting, policy structure, nomination, assignment, ULIPs, and claim settlement procedures.
Every circular we cover includes potential MCQ triggers, simplified explanations, and exam-aligned insights mapped to the IC 02 syllabus 2025. Access curated updates from our Regulatory Update Resource Page to enhance your real-exam readiness.
Overview: IC 02 – Practice of Life Insurance (III Licentiate Exam 2025)
The IC 02: Practice of Life Insurance module is a key paper of the Insurance Institute of India (III) Licentiate Certification. This exam is vital for candidates pursuing a career in life insurance sales, operations, or servicing. It builds on IC 02 concepts and focuses on life insurance policy structures, underwriting, claims, assignment & nomination, group insurance, annuities, and ULIPs—core areas in real-world insurance practice.
Whether you're a beginner, agent, or BFSI professional, our IC 02 Licentiate Exam Preparation Toolkit provides everything you need: Online Mock Tests, Udemy Practice Sets, a Printed Guide Book, Kindle eBook, and our exclusive 9R™ Exam Mastery Study Plan. All content is based on the official III Handbook 2025 and updated IRDAI guidelines.
Our platform helps you answer common questions like “How to pass the IC 02 exam?”, “What topics carry the most weight?”, and “How are claims or ULIPs framed in the test?”. You'll gain clarity through chapter-wise MCQs, real-feel mock test series, and IRDAI-linked regulatory updates. This module is not just about memorizing terms but about understanding life insurance from a customer-facing and compliance perspective—exactly what the III Licentiate exam tests.
Preparation Guide & Study Plan
Preparing for the III Licentiate IC 02: Practice of Life Insurance exam requires a focused and topic-wise approach. Based on the official III Exam Handbook 2025, this paper tests your practical understanding of life insurance contracts, including assignment and nomination, underwriting, premiums, group insurance, ULIPs, annuities, and policy claims.
Whether you’re exploring IC 02 mock tests, PDF notes on life insurance topics, or a complete exam preparation guide, our exclusive 9R™ Exam Mastery Study Plan offers a strategic path. You’ll get chapter-wise MCQs, full-length practice sets, revision decks, analytics dashboards, and guidance tailored for IC 02 Licentiate Exam 2025.
- Download the latest III Licentiate IC 02 syllabus and familiarize yourself with the exam pattern.
- Start your journey with our chapter-wise IC 02 mock tests focused on life insurance-specific modules.
- Use our integrated analytics to evaluate weak areas such as revival provisions, policy claims, or ULIP components.
- Attempt multiple full-length IC 02 mock tests that simulate the real exam experience.
- Refer to our Printed Guide Book or eBook for simplified concepts on underwriting, policy types, bonuses, nomination and assignment.
- Stay aligned with current IRDAI Circulars & III Regulatory Notifications for likely MCQ framing in the IC 02 paper.
- Request your personalized 9R™ Study Plan to prioritize revision according to your schedule and comfort.
Expert Tip: Don’t just read — practice regularly using IC 02 mock tests & quizzes that reflect real exam logic. Our Udemy Practice Sets and Gurukul Question Bank are based on the latest IC 02 syllabus, regulatory updates, and actual question trends.
9R Study Plan Framework: Crack IC 02 – Practice of Life Insurance with Confidence
Preparing for the III Licentiate Exam: IC 02 – Practice of Life Insurance under time pressure? Our signature 9R™ Exam Mastery Framework is a high-impact, time-efficient study strategy tailored specifically for insurance aspirants. This structured plan is designed to build mastery across all IC 02 chapters, life insurance concepts, and policy contract principles. Whether you're using our online mock tests, Udemy practice modules, printed guide book, or free eBook syllabus PDF — this roadmap ensures you're exam-ready with complete confidence.
- R1 – Read: Start with a focused reading of the official III Licentiate Exam Handbook for IC 02: Download Latest Handbook 2025. Focus on key themes like Life Insurance Contracts, Underwriting, Policy Documents, and Nomination.
- R2 – Recall: Convert theoretical knowledge into memory by summarizing core concepts like Assignment vs Nomination, Whole Life vs Endowment Plans, Riders, Group Insurance, and ULIPs.
- R3 – Review: Revisit high-weightage chapters from our Exam Prep Printed Guide Book and eBook, especially areas on claims management, premium calculation, and annuities.
- R4 – Rehearse: Attempt chapter-wise IC 02 mock tests including objective-type questions on topics like life fund, policy lapses, revival rules, and bonus types. Identify frequently asked concepts from past III Licentiate exam questions.
- R5 – Resolve: Use our detailed answer keys and solution PDFs to resolve common confusion between terms such as survival benefit vs maturity benefit, assignment vs transfer, and absolute vs conditional assignment.
- R6 – Revise: Allocate daily revision blocks to IRDAI Guidelines, IC 02 syllabus 2025 updates, and III notifications. Use our IRDAI Regulatory Updates Hub to stay current.
- R7 – Replicate: Simulate the real exam with full-length Practice of Life Insurance mock test series under timed conditions. Use our real-feel test simulator to strengthen time management and confidence.
- R8 – Reflect: Analyze your performance using our test performance dashboard to spot weak zones — like annuities vs pensions, policy claims, underwriting logics — and create a targeted revision path.
- R9 – Reattempt: Revisit incorrectly attempted questions, revise related topics using our IC 02 study material and glossary, and solidify concepts before your final exam attempt.
This proven 9-day strategy is aligned with the latest Practice of Life Insurance IC 02 exam pattern and ideal for those preparing through IC 02 chapter-wise practice tests, last-day revision drills, or real-feel exam simulators. Perfect for aspirants looking to pass the IC 02 exam in first attempt with the help of structured preparation tools like our IC 02 printed guide book, mock tests, eBooks, and glossary-based learning.
FAQ: Frequently Asked Questions for III Licentiate Exam 2025 – IC 02 – Practice of Life Insurance
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Frequently Asked Questions — IC 02: Practice of Life Insurance (III Licentiate Exam 2025)
Q1. What is the IC 02 – Practice of Life Insurance module in the III Licentiate Exam?
The IC 02 module is a core paper under the Insurance Institute of India (III) Licentiate certification. It focuses on practical aspects of life insurance operations including policy structure, nomination, assignment, underwriting, ULIPs, and annuities.
Q2. How should I begin my IC 02 exam preparation in 2024?
Start by downloading the official 2025 syllabus. Use a structured study plan like our 9R™ Exam Mastery Plan, begin with chapter-wise mock tests, and supplement your preparation with glossary decks and regulatory updates.
Q3. What are the most important IC 02 exam topics to focus on?
Key topics include: Life Insurance Organizations, Assignment and Nomination, Policy Documents, Underwriting, ULIPs, Annuities, Group Insurance, Claims, Revival & Lapse.
Q4. Are IC 02 mock tests available online?
Yes. You can access full-length IC 02 mock tests and chapter-wise practice sets on GurukulOnRoad’s Mock Test Platform, along with Udemy-based practice tests for mobile-friendly study.
Q5. How do I create a study plan for the IC 02 Licentiate exam?
Use our 9R™ Study Plan that includes resource alignment, revision cycles, regulatory updates, and custom practice sessions. You can also request a free personalized study roadmap through our website.
Q6. Is it necessary to solve full-length mock tests?
Absolutely. Full-length tests simulate the real exam environment, help with time management, and boost your confidence. Our mock test series includes real-feel questions, analytics, and detailed explanations.
Q7. Where can I get chapter-wise practice questions for IC 02?
We provide 1500+ chapter-wise questions mapped to the official IC 02 syllabus. These are available in our Printed Guide Book, eBook, and online mock platform.
Q8. What are some tips to pass the IC 02 exam on the first attempt?
Practice daily using our test bank, review IRDAI updates, focus on tricky topics like assignment vs nomination, use glossaries to master insurance terms, and attempt our real-feel tests with answer keys.
Q9. What kind of questions are asked in IC 02 mock tests?
Questions are scenario-based, focusing on practical applications of policy servicing, claims, underwriting, and legal aspects of life insurance.
Q10. How is the IC 02 exam different from IC 01?
IC 01 focuses on theory and principles, while IC 02 is case-based and practical, covering real-world processes in life insurance business operations.
Q11. What is the exam format for IC 02 – Practice of Life Insurance?
The exam consists of 100 multiple-choice questions, 2-hour duration, with no negative marking. A score of 60% or more is required to pass.
Q12. Can I prepare for IC 02 through self-study?
Yes, with the right resources. Use our study guide, mock tests, IRDAI circular updates, and printed or eBook format to study at your own pace.
Q13. Are there coaching classes available for IC 02?
Yes, we offer on-demand coaching, live doubt sessions, and performance tracking for students who need structured help.
Q14. Is the IC 02 study material updated for 2025?
Our entire material—mock test, printed book, and eBook—is aligned with the 2025 syllabus and IRDAI circulars issued up to July 2025.
Q15. How do IRDAI updates impact the IC 02 exam?
IRDAI regulations influence policy provisions, disclosures, claims, and underwriting practices—all of which are frequently tested in IC 02. We map each update to possible MCQs in our study material.
Q16. What is included in the IC 02 Printed Guide Book?
The printed guide includes: Chapter summaries, 1500+ MCQs, Glossary, IRDAI-linked questions, Answer keys and explanations, Legal case examples.
Q17. Can I get IC 02 study material in eBook format?
Yes. The Kindle eBook version is available for download on Amazon and can be read on Kindle or Google Play Books.
Q18. Are there topic-wise mock tests available for IC 02?
Yes. We offer objective-wise practice sets including topics like ULIPs, annuities, lapsed policies, and group insurance—each with analytics and answer keys.
Q19. How often should I revise for the IC 02 exam?
Ideally, complete three revision cycles using our 9R™ plan. Use quick-reference glossaries and attempt mini-tests during the last 10 days.
Q20. What should I study for Assignment and Nomination in IC 02?
Focus on legal differences, effect on claims, rights of nominees vs assignees, and how these apply in real claim situations. Our book and tests cover this thoroughly.
Q21. Where can I find the official IC 02 exam syllabus?
The syllabus is available on the III official portal or directly linked through our exam handbook section.
Q22. Is the IC 02 exam suitable for job preparation in insurance?
Yes. IC 02 is widely recognized and helps in gaining insurance jobs in sales, operations, policy servicing, and underwriting roles.
Q23. What is the benefit of the 9R™ Study Plan?
The 9R™ plan provides a week-wise roadmap, mock test schedule, revision pattern, regulatory mapping, glossary goals, and performance tracking—proven to improve pass rates.
Q24. What are the long-tail exam topics in IC 02?
Policy claims, Revival and lapse, Bonus structures, ULIP NAV mechanisms, Group insurance benefits, Proposal form fields and declarations.
Q25. How do I access free IC 02 study resources?
You can access the free syllabus PDF, exam handbook, regulatory updates, and sample mock questions via our IC 02 resource page on GurukulOnRoad.
Glossary & Key Definitions for III Licentiate – IC 02: Practice of Life Insurance 2025
This curated glossary provides high-importance definitions and conceptual clarity for learners preparing for the IC 01: Principles of Insurance paper under the III Licentiate Exam. Each term is aligned with the latest Insurance Institute of India (III) exam standards and includes terminology critical for mastering mock tests, printed/eBook guides, and our exclusive 9R™ Exam Mastery Framework. Whether you are using our online mock tests, Udemy practice questions, or printed resources, this glossary will support quick revision, domain understanding, and real-exam application.
Glossary Core Insurance Terminologies for III Licentiate Exam 2025 foe IC 02 Practice of Life Insurance
- Actuary
- A professional skilled in the application of mathematical and statistical principles to calculate insurance risks, premiums, and reserves. Actuaries are essential for ensuring the financial health of an insurance company.
- Annuity
- A contract with an insurance company where an individual makes a lump-sum payment or a series of payments and, in return, receives regular disbursements, either immediately or at some point in the future. It is primarily designed to provide a steady income stream during retirement.
- Assignment
- The legal process of transferring the rights, title, and interest of a life insurance policy from the policyholder (the assignor) to another individual or entity (the assignee). An assignment can be conditional or absolute and supersedes any existing nomination.
- Bonus
- An additional sum paid to policyholders of "with-profit" policies. It represents a share in the profits of the insurance company's life fund and is typically declared annually.
- Broker
- An insurance intermediary who represents the interests of the policyholder, not the insurance company. A broker can offer products from multiple insurers and provides advice to clients on choosing the most suitable coverage.
- Claim
- A formal request made by the policyholder or a beneficiary to the insurance company to receive the benefits outlined in the policy. Claims can be maturity claims (paid when the policyholder survives the term) or death claims.
- Claimant
- The individual or entity entitled to receive the policy benefits upon the occurrence of an insured event. This could be the policyholder (in the case of maturity or surrender) or the nominee/assignee (in the case of death).
- Child Insurance Plan
- A type of insurance policy designed to create a financial fund for a child's future, such as for higher education or marriage. These plans often include a "waiver of premium" rider, where future premiums are waived if the parent (policyholder) dies during the policy term.
- Commission
- A fee paid by the insurance company to an agent or broker for selling an insurance policy. It is usually calculated as a percentage of the premium collected.
- Convertible Plan
- A life insurance policy that allows the policyholder to convert it into a different type of plan (e.g., from a term plan to an endowment or whole life plan) at a future date without needing to provide further evidence of health.
- Corporate Agent
- An entity, such as a bank or a registered company, that acts as an agent to sell insurance policies. As per regulations, a corporate agent typically represents one life insurer and one general insurer.
- Deferment Period
- The time between the commencement of a policy and the date when benefit payments begin. This is a key feature in annuities and child plans, where the payout phase is deferred to a later date.
- Development Officer
- An employee of an insurance company, particularly in public sector insurers like LIC, whose main role is to recruit, train, and manage a team of agents to drive business and achieve sales targets.
- Discharge Form
- A receipt signed by the claimant upon receiving the claim amount. It serves as proof that the insurer has fulfilled its contractual obligation and is discharged from any further liability under the policy.
- Double Endowment
- An insurance plan where the sum paid to the policyholder upon surviving the policy term (maturity benefit) is double the basic sum assured. The death benefit during the term is typically the basic sum assured.
- Endorsements
- Written amendments or clauses added to a policy document that alter, modify, or clarify its original terms and conditions. Endorsements become a legal part of the insurance contract.
- Endowment Assurance Plan
- A life insurance product that combines risk coverage with a savings component. It pays out the full sum assured either on the death of the insured during the policy term or upon the policyholder surviving the term (maturity).
- Extra Premium
- An additional charge added to the standard premium to cover an increased level of risk presented by the person to be insured. This extra risk can be due to factors like a hazardous occupation, adverse health conditions, or risky hobbies.
- Forensic Report
- An official report from a medical or police investigation that provides details about the cause of death. It is a critical document required by insurers for processing death claims, especially in cases of unnatural or accidental death.
- Grace Period
- A specified timeframe (e.g., 15 or 30 days) after the premium due date during which the policyholder can pay the premium without penalty. The policy remains fully in force during this period.
- Group Insurance
- A single insurance contract (master policy) that covers a group of individuals, such as employees of a company or members of a professional association. It provides standardized coverage at a lower cost per individual compared to separate policies.
- Health Insurance
- A type of insurance that covers medical and surgical expenses incurred by the insured. It can provide benefits such as cashless hospitalization, reimbursement of medical bills, and coverage for critical illnesses.
- Indemnity Bond
- A legal agreement signed by a claimant to protect the insurance company from any financial loss if a claim is paid out under uncertain circumstances, such as when the original policy document is lost or when a person is presumed dead.
- Insurable Interest
- A fundamental principle of insurance stating that the policyholder must have a legitimate financial interest in the life of the person being insured. This means the policyholder would suffer a financial loss if the insured person were to die.
- Insurance Agent
- A licensed individual who represents an insurance company and is authorized to sell and service its policies. Agents help clients choose suitable products and assist with the application and claims process.
- Insurance Policy
- A legally binding contract between an insurer and a policyholder. The policy document outlines the terms, conditions, coverage, benefits, and obligations of both parties.
- Joint Life Insurance
- An insurance policy that covers two or more individuals under a single contract. The sum assured is typically paid out upon the death of the first insured person, after which the policy may terminate.
- Keyman Insurance
- An insurance policy taken out by a business to compensate for the financial loss that would arise from the death or extended disability of a crucial employee or "key person" in the organization.
- Lapse
- The termination of an insurance policy due to the policyholder's failure to pay the required premiums within the grace period. A lapsed policy does not provide any insurance cover.
- Level Premium
- A premium that remains fixed throughout the entire premium-paying term of the policy. This is in contrast to premiums that might increase with the age of the insured.
- Life Insurance Business
- As defined by the Insurance Act, this refers to the business of entering into contracts of insurance on human life, including provisions for paying a sum of money on death, survival, or other contingencies dependent on human life.
- Maturity
- The completion of the policy term as specified in the contract. If the insured person survives the full term, the maturity benefit, including the sum assured and any accrued bonuses, becomes payable.
- Money Back Insurance Plan
- A type of endowment plan where a percentage of the sum assured is paid back to the policyholder at regular intervals during the policy term as "survival benefits." The remaining sum assured is paid at maturity.
- Mortality Table
- A statistical chart that shows the death rates at various ages for a defined population. Actuaries use mortality tables to calculate the risk premium, which is a core component of the total insurance premium.
- Nomination
- The act of a policyholder appointing a person (the nominee) to receive the policy benefits in the event of the insured's death. Nomination is a right of the policyholder and can be changed at any time during the policy term.
- Policy Document
- The formal written contract of insurance issued by the insurer to the policyholder. It contains all details of the policy, including the scope of coverage, conditions, privileges, and exclusions.
- Policy Preamble
- The introductory section of the policy document that sets out the basis of the insurance contract. It typically states that the policy has been issued based on the statements made in the proposal form.
- Policyholder
- The person or entity that owns the insurance policy and is responsible for paying the premiums. The policyholder has the legal rights to make changes to the policy, such as changing the nominee or assigning the policy.
- Premium
- The fixed amount of money that the policyholder pays to the insurance company at regular intervals (e.g., monthly, quarterly, or annually) to keep the policy in force.
- Proposal Form
- The application form that a prospective policyholder must fill out to provide information to the insurer. The details in this form are the basis for the underwriting process and the insurance contract itself.
- Revival
- The process of reinstating a lapsed policy to an in-force status. This typically requires the policyholder to pay all outstanding premiums with interest and may require submitting proof of good health.
- Rider
- An optional add-on benefit that can be attached to a basic insurance policy for an additional premium. Common riders include accidental death benefit, critical illness cover, and waiver of premium.
- Risk Premium
- The portion of the premium that is specifically calculated to cover the risk of the insured event (e.g., death) occurring. It is determined using mortality tables and the sum assured.
- Section 45 of Insurance Act
- A provision in the Indian Insurance Act, 1938, that limits an insurer's right to dispute a policy. It states that after three years, a policy cannot be called into question on the grounds of misrepresentation, unless it is proven that the claim was fraudulent.
- Single Premium
- A one-time, lump-sum premium payment made at the beginning of the policy. No further premiums are required for the entire policy term.
- Sum Assured
- The guaranteed amount specified in the policy that the insurer promises to pay upon the occurrence of the insured event (death) or on maturity of the policy.
- Surrender Value
- The amount of money a policyholder receives from the insurer if they decide to terminate the policy before its maturity date. This value is available only after the policy has been in force for a certain minimum period.
- ULIP (Unit Linked Insurance Plan)
- A hybrid financial product that provides a combination of life insurance and investment. A portion of the premium is used for life cover, while the rest is invested in market-linked funds (equity, debt, or balanced), allowing the policyholder to potentially earn market-based returns.
- Underwriting
- The process by which an insurance company evaluates the risk associated with an insurance proposal. Underwriters assess the applicant's age, health, occupation, and lifestyle to decide whether to accept the risk and at what premium rate.
- Whole Life Insurance Plan
- A life insurance policy that provides coverage for the entire lifetime of the insured person. The death benefit is paid to the nominee whenever the insured's death occurs.
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