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What type of contract is an insurance policy?Unilateral Contract — a contract in which only one party makes an enforceable promise. Most insurance policies are unilateral contracts in that only the insurer makes a legally enforceable promise to pay covered claims.
Which of the following is stated in the consideration clause of a life insurance policy?The consideration clause spells out exactly how much premium payments are and when they are due. The legal consideration for a life policy consists of the application and payment of the initial premium. It may also list the effective date.
Which of the following statements best describe life insurance policy dividends?WHICH OF THE FOLLOWING STATEMENTS BEST DESCRIBES LIFE INSURANCE POLICY DIVIDENDS? POLICY DIVIDENDS ARE INTENTIONAL RETURN OF A PORTION OF THE PREMIUMS PAID.
What does the grace period allow a life insurance policyowner to do?The grace period provision allots a specifically designated amount of time in which the policyowner has to make the required premium payments after the stipulated due date. If the policyowner fails to make the premium payments, the insurance company will not immediately cancel the policy.
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