Have you ever struggled to answer the question “what is the main purpose of the seven pay test” in relation to the concept of Insurance? There’s no need to worry about it anymore. This post contains the correct answer to your question.
What is the main purpose of the seven pay test
Options:
- A) it determines if the insurance policy is an MEC
- B) it requires level premium payments for 7 years
- C) it ensures that the policy benefits are paid out in 7 years
- D) it guarantees interest minimum
The Correct Answer Is:
- A) it determines if the insurance policy is an MEC
Conclusion
The answer to your question “what is the main purpose of the seven pay test” should now be clear for you. I appreciate you coming here to find the answer to your question and best wishes for your preparation related to various Insurance topics.