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Author Question: Which of the following statements about the grace period in a whole life insurance contract is (are) ... (Read 53 times)

Mr. Wonderful

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on: Jul 11, 2018
Which of the following statements about the grace period in a whole life insurance contract is (are) true?
 
  I. The purpose of the grace period is to prevent the policy from lapsing by giving the policyowner additional time to pay an overdue premium.
  II. If the insured dies during the grace period, the death benefit is reduced by 50 percent.
  A) I only
  B) II only
  C) both I and II
  D) neither I nor II

Question 2

Amy purchased a life insurance policy with the intent of committing suicide to pay all the debts that were burdening her family
 
  If she commits suicide 9 months after the policy is purchased, and the insurer is able to prove that her death was a suicide, how much will be paid by the insurance company?
  A) nothing, because the policy is void
  B) the premiums paid for the policy
  C) the policy's cash value
  D) the face value of the policy


tmlewis4706

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Reply #1 on: Jul 11, 2018
Answer to Question 1

Answer: A

Answer to Question 2

Answer: B


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