Chapter 2

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All of the following are true of key person insurance EXPECT

The plan is funded by permanent insurance only

A producer agent must do all of the following when delivering a new policy to the insured but

disclose commissions earned from the sale of the policy

A key person insurance policy can pay for which of the following?

Costs of training a replacement

Which of the following methods of calculating the amount of life insurance needed takes into account the insureds wages, years until retirement and inflation?

Human life value approach

A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as

Survivor Protection


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