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Questions and Answers
Life insurance promises to pay a designated beneficiary a sum of money upon the death of an insured person.
Life insurance promises to pay a designated beneficiary a sum of money upon the death of an insured person.
True (A)
Life insurance policies can include benefits for terminal illness or critical illness.
Life insurance policies can include benefits for terminal illness or critical illness.
True (A)
The policyholder of a life insurance typically pays a premium only as one lump sum.
The policyholder of a life insurance typically pays a premium only as one lump sum.
False (B)
Specific exclusions written into the life insurance contract limit the liability of the insurer.
Specific exclusions written into the life insurance contract limit the liability of the insurer.
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Difficulties may arise in life insurance contracts when an event is not clearly defined.
Difficulties may arise in life insurance contracts when an event is not clearly defined.
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