Chapter 2 (215) Xcel

Which of these arrangements allows one to bypass insurable interest laws?

Investor-Originated Life Insurance

Stranger Originated Life Insurance (STOLI) has been found to be in violation of which of the following contractual elements?

Legal Purpose (Insurable Interest)

At what point does an informal agreement become a binding contract?

When consideration is provided by one of the parties to the contract

When must insurable interest be present in order for a life insurance policy to be valid?

When the application is made

When third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to have:

insurable interest in the proposed insured

The Consideration clause of an insurance contract includes:

the schedule and amount of premium payments

Insurance policies are offered on a "take it or leave it" basis, which make them:

Contracts of Adhesion

Which of these is considered a statement that is assured to be true in every respect?

Guarantee