What are the three types of ordinary life insurance contracts?

The three types of ordinary life insurance contracts consist of Term Life, Whole Life, and Endowments.

Term Life insurance provides coverage for a specific period and pays a benefit only if the insured passes away during that term. This type of policy is typically less expensive, making it appealing for those seeking basic coverage for a limited time.

Whole Life insurance offers coverage for the entire lifetime of the insured, as long as premiums are paid. This type of policy includes a savings component, which can grow cash value over time, providing both a death benefit and a living benefit that can be borrowed against or cashed out.

Endowment policies are designed to pay a benefit either at a specific time (if the insured survives to that point) or upon death, whichever occurs first. These policies combine features of life insurance with savings, thus providing a financial benefit at a predetermined age.

The other options presented in the question do not accurately represent the classifications of ordinary life insurance contracts. Whole Life, Universal Life, and Variable Life (found in the second option) are all variations of permanent life insurance, but they do not encompass the same relationship as the basic types listed in the correct choice. Group and Industrial insurance (found in the fourth option) are types based on