Life Insurance
T and S are named Ko primary beneficiaries on a $500,000 accidental death and dismemberment policy ensuring their father. Their mother was named contingent beneficiary. Five years later S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive?
$0 because T is still alive and the sole primary Beneficiary, while the mother is still the contingent beneficiary
S buys a $50,000 whole life policy with a $50,000 Accidental Death and Dismemberment rider. S dies 1 year later of natural causes. How much will the insurer pay the beneficiary?
$50,000
How do you life insurance companies handle cases where the insured commit suicide within the contracts stated contestable period?
Claims are denied under the suicide clause of the policy
Q the producer gave his client a rebate as an a enticement To purchase insurance. Q may be found guilty of a
Class B misdemeanor
_______ of personal life insurance premiums is usually deductible for federal income tax purposes
0%
A hearing must be held not later than ____ days after the request for the hearing is received by the Director
10 days
An individual participant personally receives eligible rollover funds from a profit sharing plan. What is the income tax withholding requirement for this transaction?
20% is withheld for income taxes
A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct?
20-Pay Life accumulates cash value faster than Straight Life
The holder of a business entity registration is required to notify the Director within ___ days of change of office location
30
A temporary insurance license is valid up to ____ days
90 days
Which of the following is considered a producers fiduciary responsibility?
Collect premiums and remit to the insurance company as soon as reasonably possible
When a policy owner exchanges a term policy for a whole life policy without providing proof of good health which of these apply?
Conversion provision
______ Could have claim to viatical settlement proceeds
Creditors
How are surrender charges the ducted in a life policy with a rear end loaded provision?
Deducted when the policy is discontinued
Illinois 10 day free look period for life insurance policies begins
Delivery date
In Illinois, the Free Look period begins with which of the following signed documents?
Delivery receipt
It is acceptable to discriminate the amount of benefits for life and health policies between individuals of
Different classes
C is a key employee of ABC Inc. If a key employee life policy is purchase on her life which of these statements would be true?
ABC is the policy owner, C is the insured, and ABC is the beneficiary
The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called
Accidental Death and Dismemberment rider (AD&D)
A policy owner may generate taxable income from which of the following dividend options?
Accumulation at interest
A term life writer offers the insured
Additional life coverage
Delivery of Policy
All policies, certificates, or other evidence of insurance that are received by an insurance producer must be delivered or mailed to the insured within 10 calendar days of the receipt by the producer.
The Life and Health Insurance Guaranty Association is
Assumes the financial obligations of insolvent insurance companies
S Has a whole life policy with a premium payment due soon. Which provision would keep the policy in force of us does not make the required payment and the policy has had a quick cash value from which the premium payment can be made?
Automatic policy loan
An automatic premium loan provision is designed to
Avoid a policy lapse
Which writer provides coverage for a child under a parents life insurance policy?
Child term Rider
N Is covered by a term life policy and does not make the required premium payments which was due August 1. And dies September 15. Which action will the insured take?
Claim will be denied In the situation the insurance company will deny the claim as the policy would have lapse due to nonpayment by September 15
The Guaranty fund
Ensures the claims filed against insolvent insurance companies will be paid
An underwriter determines that a life insurance applicants risk should be reclassify due to a health issue. This policy may be issued with a
Extra premium
Which Federal law allows an insurer to obtain an inspection report on a potential insured?
Fair Credit Reporting Act
N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at age 70 for life. What type of annuity did N purchase?
Fixed Deferred
How is the life insurance and health insurance guaranty associated funded
From member companies
A hearing must be held before a producers license can be suspended or revoked. Prior to the hearing, the Director is required to
Give a written notice to the producer
The purpose of the ____Clause is to avoid an unintentional lapse of a life insurance policy
Grace
Uniform Simultaneous Death Act
If both insured and primary beneficiary are killed in the same accident and there is insufficient evidence to show who died first, policy proceeds will be paid as if the insured died last. In other words the proceeds will be paid to the secondary or contingent beneficiary
During a sales presentation for a participating life insurance policy a producer must
Include a statement that dividends are not guaranteed
All of these are required to be included in a life insurance illustration except
Insurers morality table
How are policy owner dividends treated in regards to income tax?
Interest on accumulations is taxed
All of the settlement options involve the systematic liquidation of the death proceeds an event of the insured's death except
Interest only
Dividends paid from a life insurance policy are?
Issued by the insurer
And insured's inability to perform two or more activities of daily living may trigger which type of life policy writer?
Long term care
One roll of the life and health guaranty association is to
Maintain public confidence In the promises of ensures
During the course of an insurance transaction, if a producer makes a false or incomplete statement he/she could be found guilty of
Misr
When a life insurance policy exceeds certain IRS table values, the result would create which of the following?
Modified Endowment Contract (MEC)
In the event of a replacement what must be given to the insurance applicant at the time of application
Notice regarding
Variable life policy offers
Offers the owner investment in products such as money market funds long-term bonds or equities
Which of these contracts are affected by replacement regulations
Ordinary life insurance
P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to
P only
K owns a Whole Life policy. If K wants an increasing Death Benefit to protect against inflation, which Dividend Option should she chose?
Paid-Up Additional Insurance
Which statement is true in regards to a policy loan?
Past-due interest on a policy loan is added to the total debt
And accelerated benefit is table based upon the occurrence of a qualifying event. This qualifying event is certified by
Physician
M am has an insurance policy that also has an outstanding policy loan at the time of Ms death. The The insurer will deduct the outstanding loan balance from the
Policy proceeds
Life insurance replacement regulation protects the interest of
Policyowner
The ______ is authorized to assign a life insurance policy as collateral for a loan
Policyowner
What benefit does the Payor clause on a juvenile life policy provide?
Premiums are waived if payor becomes disabled
Payer benefit rider
Provides for waiver of premium if adult payor of the policy dies or becomes totally disabled
Which of the following triggers an accelerated living benefit
Qualifying event
Q The producer has recently replaced one insurance policy with another in Illinois replacement is
Regulated and requires full disclosure
Which of these is not an unfair method of competition?
Replace coverage written by another producer
The act Replacing an existing insurance policy with another is called
Replacement
Which factors are taken into consideration when an insurance company determines the premium rate for a whole life policy on an applicant?
Risk classification
The Director is not permitted to
Set insurance rates within the state
P is a producer who notices 5 questions on a life application were not answered. What actions should P take?
Set up a meeting with the applicant to answer the remaining questions
What would be a potential consequence for a producer who miss appropriate insurance funds held in the fiduciary capacity
Suspend or revoke the producers license
Which type of life policy contains a monthly morality charge as well as self-directed investment choices?
Variable Universal Life
A life insurance policy that provides a policy owner with cash value along with a level face amount is called
Whole life
T purchased a life insurance policy. T is entitled to review the policy and return it for a full refund
Within 10 days after delivery of the policy
Consumer Reports
Written and /or oral statements regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources.
Variable Universal Life
a universal policy where the premiums are invested in variable rate earning assets
When does a guaranteed insurability rider allow the insured to buy additional coverage
at future dates specified in the contract with no evidence of insurability required
An employee of 20 years recently retired at age 59 1/2. This employees group life contract can be
converted to an individual permanent policy at an individual rate
Which Unfair Trade Practice involves Making false statements about the financial condition of another insurance company?
defamation
How often must an insurance producers license be renewed
every 2 years
D is the Policy owner and insured for a $50,000 life insurance policy. The beneficiary is Ds wife. D and his wife divorce and D remarries, transferring ownership of his policy to his new wife. If D dies without making any further changes, to whom will the policy proceeds be paid to?
ex-wife Ds ex-wife is still the beneficiary of this policy even though policy ownership has changed to his current spouse
Replacement can be defined as
exchanging an existing policy for a new policy
A(n) _______ contained in a life insurance policy states that the policy will NOT cover certain risks.
exclusion
The Director is appointed by the
governor
During the course of an insurance business transaction who does the producer legally represent?
insurance company
Quarterly premium payments increase the annual cost of insurance because
interest to the insurer is decreased while the administrative costs are increased
In order for coverage on a non-medical insurance application to take affect the same day the producer must collect a signed application and
the initial premium
The part of a life insurance policy guaranteed to be true is called?
warranty
Premium payments
can be paid annually, semiannually, quarterly, or monthly The higher the frequency of payments the higher the premium
How are Roth IRA distributions normally taxed?
Distributions are received tax-free
A universal life policy is sometimes referred to as an unbundled life policy because the owner can see the interest earned, cost of insurance, and
Expense charges
Consideration clause
In a life insurance policy specifies the amount and frequency of premium payments that the policy owners must make to keep the insurance in force
Which of the following types of insurance may a limited limes producer sell?
Industrial life
Information obtained from a phone conversation to the proposed insured can be found in which of these reports?
Inspection report
If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first where are the death proceeds to be directed under the uniform simultaneous death act
Insured's contingent beneficiary
Twisting
Is inducing or attempting to induce any insured person through miss reputation to lapse forfeit or surrender insurance
Which of the following statements about accumulated interest earned on dividends from an insurance policy is true?
It is taxed as ordinary income
K Is an insured under a life insurance policy on by a third-party. Which of these statements is true?
K has no ownership rights When a life insurance policy is owned by a third-party, the insured has no ownership right
A policy owner is able to choose the frequency of premium payments through what policy feature?
Premium Mode
Which statement is correct regarding the premium payment schedule for a whole life policies?
Premiums are payable throughout the insured's lifetime/ coverage lasts until death of the insured
universal life policy
an insurance product combining features of both whole life and term life policies
T cash surrenders a recently-issued whole life policy. He also requests that the proceeds be payable to an unrelated third party. T would likely be red-flagged for violation of
anti-money laundering rules
The fair credit reporting act of 1970
applicant has right to see all the stored information upon which the policy is either approved or denied Producers for the collection and disclose of information obtained on the consumers through investigation and credit reports
In a life insurance policy which feature states that the policy will not cover certain risks?
exclusion
N Is a student pilot with a large life insurance policy. Which of these features would limit the insurers obligation in event N was killed while flying as a student pilot?
exclusion
When an insurer issues a policy that refuses to cover certain risks This is referred to as
exclusion
An example of an unfair claims practice would be
failing to effectuate prompt, fair, and equitable settlements of a claim
A license may be denied, suspended, or revoked if the licensee
is found guilty of misrepresentation
Which of these is not an element of life insurance premiums?
morbidity rate
An example of rebating would be
offering a client something of value not stated in the contract in exchange for their business
An example of unfair discrimination would be
offering different terms of coverage for different policyowners having the same risk classification
B recently died and was insured with a life insurance policy for over five years. During the claims process, the insurer discovered that B had understated his age by 5 years at the time of application. In this situation, the insurer will
pay the amount that the premium would have purchased at the correct age
Which life insurance rider typically appears on a juvenile life insurance policy?
payor benefit rider
Consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine
probability of making timely premium payments
A policy that becomes a modified endowment contract
will lose many of its tax advantages
E and F are business partners. Each takes out a $500,000 life insurance policy on the other, naming himself as primary beneficiary. E and F eventually terminate their business, and four months later E dies. Although E was married with three children at the time of death, the primary beneficiary is still F. However, an insurable interest no longer exists. Where will the proceeds from E's life insurance policy be directed to?
*F (In this situation, the proceeds from E's life insurance policy will go to F. Insurable interest only needs to exist at the time of application.)
A producer is attempting to replace an existing life insurance policy with a new one. What must this producer submit as part of the application?
A signed statement by the applicant regarding the replacement
And a viatical settlement how much does a policy owner receive for a life insurance policy?
Amount less than the death benefit
The consideration clause in a life insurance contract contains what pertinent information?
Amount of premium payments and when they are due
Fix deferred annuity
An annuity that pays out a fixed amount for life starting at a future date
Which of the following is a requirement to attain a nonresident producer license?
Be licensed as a producer in the producer's state of domicile
Upon policy delivery a signed good health statement is requested from the applicant. Why would this be necessary
The initial premium was NOT submitted with the application
Variable whole life insurance can be described as
both an insurance and securities product
Under a Graded Premium Whole Life policy,
the premium increases each year during the early years of the contract and remains the same after that time
The Consideration clause of an insurance contract includes
the schedule and amount of premium payments
An example of an unfair claims settlement practice is
turning down a claim without providing the basis of denial
All of these are considered to be a benefit under social security except for
unemployment
A ____ life policy offers the owner investment and products such as money market funds, long-term bonds and equities
variable
When a producer submits an insurance application the application is required to contain the producers
Name and signature
What is the minimum age for an individual to be a licensed insurance producer?
18
How many days is a temporary producers license valid
180
Every ___ years a Producer must complete 24 hours of continuing education
2
J Is 35 years old and looking to purchase a whole life insurance policy. Which of the following types of policies will provide the most rapid growth of cash value?
20-pay life
What type of policy would offer a 40 year old the quickest accumulation of cash value?
20-pay life
A policy owner decides to cancel an insurance policy within 90 days of the issue date. As a result of this cancellation the producer is required to refund a prorated portion of any fee charge within ____ days of receiving the cancellation notice
30 days
A producer must report a felony conviction to the Director within _____ days of the convection
30 days
The Director must be notified of a producers change of home address within
30 days
According to Illinois insurance law life insurance claim payments made after _____ days from receipt of satisfactory proof of loss must receive the insurance current interest rate
31
Which of these is an element of a variable life policy?
A fixed, level premium
All of these statements concerning a licensee is responsibility for premiums received are true except
A licensee is not required to maintain a separate bank account as long as the funds are held responsibly from the books or records of the Licensee
Which of these is not a reason for a business to buy key person life insurance?
A pension deficiency if the key employee dies
Which of the following is considered to be misrepresentation
A producer guaranteeing a policies dividends
Illinois insurance laws specifically allows the Director to issue a temporary license to which of the following individuals?
A surviving spouse of a deceased producer
Which of these statements accurately reflects Illinois law regarding life insurance advertisement
And insurance agency is responsible for advertisements place by its insurance producers
Modified Endowment Contract (MEC)
Any cash value policy that builds cash value faster than a Seven-Pay Whole Life Contract and therefore loses the tax advantages of life insurance.
All of these must be included on an insurance producers license except
Appointing insurance company
What action will ensure take if an interest payment on a policy loan is not made it on time?
Automatically add the amount of interest due to the loan balance
Which of these is not considered to be a cost connected with an individual's death?
Business expenses
S It's covered by a whole life policy. Which insurance product can cover his children?
Child term rider
Which provision allows the policy owner to change a term life policy to a permanent one without providing proof of good health?
Conversion provision
Which of these actions does not constitute a life insurance policy replacement
Convert term coverage to a whole life policy
D Needs life insurance that provides coverage for only a limited amount of time while also paying the lowest possible premium. What kind of policy is needed?
Level term
Level term insurance
Life Insurance written to cover a need for a specified period of time at the lowest premium
The Illinois life and health insurance guaranty association has regulations that apply only to
Life and health policies issued by companies authorized in Illinois
The Director of insurance is authorized to
Make reasonable insurance rules and regulations
And Illinois producer must do which of the following to continue as a residential licensee?
Meet continuing education requirements
Stating that dividends are guaranteed is considered to be
Misrepresentation
Which unfair trade practice involves a producer suggesting that an insurance policy is like a share of stock?
Misrepresentation
_____ Can be defined as making an unfair conference comparison of two insurance policies
Misrepresentation
What must be signed by both the producer an applicant when an existing life insurance policy is being re-issued with a reduction in cash value
Notice regarding replacement
Who benefits in Investor-Originated Life Insurance (IOLI) when the insured dies?
Policyowner
Which of the following would be a valid reason for suspending or revoking an insurance producers license?
Practicing in the act of twisting
K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true?
Proceeds will be payable to Ks estate if P passes within a specified time Under the common disaster provision, proceeds will be payable to Kay's estate if P dies within a specified time
Which of the following is not a valid reason for the Director to revoke a producers license?
Producer is insolvent
Which of the following is not a valid reason for the Director to suspend or revoke a producers license?
Producer represents more than one insurance company
An applicant may not be refused insurance coverage due to
Race
What are valid reasons for purchasing life insurance on the life of a minor
Reasons for purchasing life insurance would be provides funds for final expenses if the child were to die, provides living benefits for the child's college education, provides child with insurance now in case the child becomes insurable later
Which of the following is an example of a non-forfeiture option
Reduced paid up option
A producer has influenced an existing policy owner to convert an existing whole life policy to reduce paid up insurance. The producer then sells the policy owner a new universal life policy. This transaction is called
Replacement
Which of these actions by a licensed he would not likely result in license suspension or revocation?
Sharon commission with another similar license agent
Upon delivery of a rated life insurance policy the producer must obtain each of the following except
Signed HIPAA disclosure - the HIPAA disclosure should be taken at the time of sale with the application
Which of the following life insurance policies combine term insurance with an investment element
Universal Life
Which of the following statements is correct about an agent who is taking an insurance application?
The agent should have the applicant initial any changes made on the application
Which of the following life insurance policies combine term insurance with an investment element?
Universal Life
On a life insurance policy who is qualified to change the beneficiary designation?
The policyowner has the right to change the beneficiary designation. However, consent may needed by the current beneficiary if designated as irrevocable.
Who signs a notice regarding replacement form when an application is taken for a new life insurance policy that replaces an existing one?
The producer in the applicant
What are the three reasons for a business to buy key person life insurance?
The reduction in sales as a direct result from death of key employee, a void in leader ship if the key person were to die, the loss of company revenue while a replacement is being sought
Insurance applications must contain which of these disclosure requirements?
The soliciting producers name
J Is a producer who has induced an insured through miss reputation to surrender an existing insurance policy. What is J guilty of?
Twisting
Life insurance companies are required to establish and maintain any anti-money laundering in compliance program according to which federal regulation?
USA Patriot act
An individual received a quote from an insurance company that is a different rate from individuals in the same risk class. The insurance company may be accused of
Unfair discrimination
The cash value in a _______ life policy may fluctuate to reflect changing assumptions regarding morality cost, interest rates, and expense factors
Universal
Which of these types of life insurance allows the policy owner to have a level premiums and to also choose from a selection of investment options?
Variable Life
Which of the following statements is correct about the directors authority to examine the business for records of the producer?
Whenever deemed necessary
modified whole life insurance
stepped premiums that allow young people to pay smaller premiums when they are making less, then after a specific time, the premiums step up to a higher level as the insured's income increases
P died five years after purchasing a life policy. While investigating the claim the insured discovered material misrepresentations made by pee during the application process which of these actions will the insurer take?
Beneficiary will be paid the death benefit
Which of the following statements about noncontributory love employee group life insurance is false?
A minimum number of employees is required to participate
irrevocable
A policy owner would like to change the beneficiary on a life insurance policy and make the change permanent which type of designation would for fill this need?
All are true statements regarding the underwriting process except
Aids and HIV virus exams can be conducted in a discriminatory fashion
whole life policy
An insurance plan in which the policyholder pays a specified premium each year for as long as he or she lives; also called a straight life policy, cash-value life policy, or ordinary life policy.
What does the insuring agreement in a life insurance contract establish?
An insurer's basic promise
What is the initial source of underwriting for an insurance policy?
Application containing statements from the insured
An incomplete life insurance application submitted to an insurer will result in which of these actions?
Application will be returned to the writing agent
What action can a policy owner take if an application for a bank loan requires collateral
Assign policy ownership to the bank
A policy loan is made possible by which of these life insurance policy features?
Cash value provision
A whole life insurance policy owner does not have the right to
Change the grace period
Adjustable Life
Life insurance which permits changes in the face amount, premium amount, period of protection, and the duration of the premium payment period.
T took out 50,000 life insurance policy with an accidental death and dismemberment rider. Five years later, T commit suicide. How much will the insurer pay?
50,000
Three law partners from a cross purchase buy and sell agreement. This agreement is funded with individual life insurance. How many total life policies are needed for this agreement?
6
Which statement is true regarding a variable whole life policy
A minimum guaranteed Death benefit is provided
Which of these types of policies may not have the automatic premium loan provision attached to it?
Decreasing Term The Automatic Premium Loan provision can be incorporated into all of these policies EXCEPT decreasing term.
Q applied for Life Insurance and submitted the initial Premium on January 1. The policy was issued February 1 but it was not delivered by the agent until February 7. Q dissatisfied and returns the policy February 13. How will the ensure handle this situation?
Policy was returned within the free look period, premium will be fully refunded
The advantage of reinstating an original life policy is
The premiums are based on a younger age
When funds are shifted straight from one IRA to another IRA what percentage of the tax is withheld?
There is no tax withheld on an IRA transfer
Which of these is considered a statement that is a shirt to be true and every respect?
Warranty
ABC insurance company has excepted a life insurance application which contains unanswered questions. The company that makes the application part of the life contracts. In this situation the insurer has
Waved one of its legal rights
When is the face amount of a whole life policy paid?
When the insured dies or at the policy's maturity date, whichever happens first
B owns a whole life policy with a guaranteed insurability option that allows him to purchase, without evidence of insurability, stated Amounts of
additional Whole Life coverage at specified times
Conversion provision
allows policy owner to convert 1 type of life insurance to another - have to convert to same or lower death benefit
P, age 50, purchased an annuity that P will fund with $500/ month for 15 years. The annuity will then pay P retirement payments after the 15 years. Which type of annuity did P purchase?
deferred
A policy owner's rights are limited under which beneficiary designation?
irrevocable
Q is severely injured in an automobile accident and becomes totally disabled. How many months must Q be disabled before being able to file for Social Security disability benefits?
5 months
Which of the following statements is correct about accelerated death benefits?
Must have a terminal illness to qualify
IRS states
That withdraws of funds from a profit-sharing plan may be subject to 10% tax penalty in addition to income taxes if they are made before age 59 1/2. This same early withdrawal penalty applies to find taken out of 401(k) plans and traditional individual retirement accounts
What kind of life policy either pays the face value upon the death of the insured or when the insured reaches age 100?
whole life
Which provision prevents an insured from changing the terms of the contract with the policy owner by referring to documents not found within the policy itself?
Entire contract provision found at the beginning of the policy states that the policy document the application and any attached writers constitute the entire contract. Nothing may be incorporated by reference meaning this policy cannot refer to any outside documents as being part of the contract
Tom has a qualified retirement plan with his employer that is currently considered to be 80% vested. How can this be interpreted?
If Tom's employment is terminated 20% of the funds would be forfeited
Which of these is not a reason for purchasing Life Insurance on the life of a minor?
If both parents were to die, it would provide death benefits to the child
The type of annuity that can be purchased with one monetary Deposit is called a
Immediate annuity
USA Patriot Act
Includes provisions intended to prevent the financial service industry, including the insurance sector, from being used for Money laundering and terrorist financing by criminals and terrorist
At the age of 45 and individual withdraws $50,000 from his qualified profit sharing plan and then deposit this money into a personal savings account. This action would result in
Income tax and a 10% penalty assessed upon funds withdrawn from the qualified plan
Who makes the legally enforceable promise says in an on lateral insurance policy?
Insurance company
Variable Life Insurance Policy
Insurance contract that provides financial compensation to the insured's named beneficiary if the insured dies while the policy is in force. The insurance company guarantees a minimum death benefit as long as premiums are paid. The cash value of the policy is determined by the performance of separate accounts and is not guaranteed.
Which of these needs is satisfied by adjustable life insurance?
Insured's need for flexible premiums
Which of these arrangements allows one to bypass insurable interest laws?
Investor-Originated Life Insurance
Investor Originated Life Insurance (IOLI)
Is used to circumvent state insurable interest statues. This is done one and investor persuade an individual to take out life insurance specifically for the purpose of selling the policy to the investor. The investor compensates the insured and makes the premiums, then collects the death benefit when the insured dies
On January 8, an applicant filled out an application for a life insurance policy but did not include the initial premium. The insurance company approved the application on January 14 and issued the policy January 15. The producer delivered the policy on January 26 and collected the first premium. When did the coverage become effective?
January 26
What type of life policy covers two lives and pays the face amount after one dies
Joint life policy
K, age 45, and his wife, age 43, have three children. They purchase a Family Policy that covers K's wife to age 65. All of these situations will pay a death benefit EXCEPT
K's wife dies at age 66
And architecture Firm would stand to lose a lot of money in event of a death of his project manager. Which type of policy should the firm purchase on its project manager?
Key person life policy
