Show Which of the following does not describe a life insurance contract?Answer: Indemnity contract is not applicable in life insurance contract. Among the given options option (c) Indemnity contract is the correct answer.
Which of the following is not a component of an insurance policy premium quizlet?Which of the following is NOT a component of determining policy premiums? Dividends are not a component when determining policy premiums. Pam is the primary beneficiary of a life insurance policy and wants to let the death benefit accumulate and receive only the monthly investment proceeds.
When must an insurable interest exist for a life insurance policy?When buying life insurance, insurable interest must exist at the time the life insurance policy is purchased. If the policyholder and insured person are different, both the policyholder and named beneficiary must have an insurable interest and prove financial loss and hardship if the insured were to pass away.
Which of the following is a major characteristic of group term life insurance?Which of the following is a major characteristic of group term life insurance? The coverage is generally issued without evidence of insurability.
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