Observation

Some of the responses expected from the candidates were:
(a) Paid-up policy: This is a reduced sum assured acquired from the premium paid which must have attained surrender value and maintained until maturity while premium payment will no longer be required from the assured
  (b)Operators in the insurance policy:

1. Insurance companies: These are organizations that provide and sell insurance products to the public.
2. Reinsurance companies: These are organizations that provide covers for the risks insured by the insurance companies
3. Insurance intermediaries: they serve as the link between insurance companies and the public in a contract of insurance
4. Insurance s buyers: These are individuals and entities who seek for insurance protection product from the insurance company at a price
5. Insurance sellers: These are entities that provide the public with insurance protection product at a price

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