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
the history of life according to fossil records
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