A financial intermediary that receives premium payments which are used to purchase assets to cover future possible payments is a life insurance company.
Banks and insurance companies are commonly referred as the financial intermediaries. They act like agents between big institutions and common people in case of financial providences and face more risk.
Here, life insurance companies provide premium payments for policies and provide coverage to future possible payments. They provide policies which require premium payments in regular intervals which can be used if needed in future as a whole. For example, if there is an accident or any medical emergencies this policy amount can be withdrawn and used.
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