Question 3: Insurance policies are written with various terms, words that are unique to the risk management industry. Match the terms on the left to its meaning on the right by placing the letter (A to D) beside the definition/meaning: (9 Marks) Term Definition/Meaning Waiver of Premiums (A) Premiums start low and then increases to a maximum Step-Rated Premium(B) Insurer gives up premium if insured is disabled Return of Premium (C) Insured can increase coverage regardless of health Insured receives all or a portion of premiums paid if he Future Income Option (D) does not make a claim within a specified perio d Renewable (E) Non-Renewable (F) Cancellable (G) May not be terminated be by the insurer during the term of the policy (except for non-payment of premiums). During the term of the policy, the insurer may change the premium payable for the entire class of insured Insurer may change the terms of coverage, and or re-underwrite the coverage at any anniversary during policy term. Guaranteed Renewable (1) Policy may be cancelled the insurer by written notice to the policy owner At the end of policy term, continuation of coverage may only be achieved by submitting a new application. Guaranteed non-Cancellable (J)