Author Question: Which of the following statements about the change of plan provision in a life insurance contract is ... (Read 27 times)

clippers! · **on:** Jul 11, 2018

Which of the following statements about the change of plan provision in a life insurance contract is (are) true?

I. A change to a lower premium policy results in a refund of the difference in the cash values of the two policies.
II. A change to a higher premium policy requires evidence of insurability.
A) I only
B) II only
C) both I and II
D) neither I nor II

Question 2

A contingent beneficiary in a life insurance policy has the right to

A) receive the policy proceeds if the primary beneficiary dies before the insured.
B) share the policy proceeds with the primary beneficiary.
C) change the beneficiary designation under specified circumstances.
D) exercise policy rights if the insured is incapacitated.