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 KCSE business studies paper 2 revision questions and answers set 2

Explain five benefits that could be enjoyed by a person who decides to take out an endowment policy

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Answer Text:
-Policy holder can use the policy as collateral security to obtain loans
-The policy holder enjoys the sum assured if he or she are to live by maturity date
-Endowment policy serves as a saving plan for future investments/needs
-The policy is convenient to the holder as he is able to decide on the duration/time frame/ financial plans
-The dependants/beneficiaries of the policy holder are entitled to profits/bonus
incase of death of the assured