Which of the following statements is (are)true about savings bank life insurance (SBLI)?
I.Each depositor at the savings bank receives life insurance equal to his or her savings account balance.
II.The goal of SBLI is to provide low-cost life insurance to consumers.
A)I only
B)II only
C)both I and II
D)neither I nor II

Question

Quizplus · Accepted Answer

Statement I is not true about Savings Bank Life Insurance (SBLI) as it does not provide life insurance equal to the savings account balance of each depositor. SBLI is a type of term life insurance that is offered by savings banks with the goal of providing low-cost life insurance to consumers. Therefore, Statement II is true.

Which of the Following Statements Is (Are)true About Savings Bank