A parent is considering purchasing a life insurance policy for their minor child. They are interested in a policy that offers an automatic increase in the face amount when the child reaches adulthood without an increase in premium. Which policy option should the parent choose?
The insured and the primary beneficiary of a life insurance policy were in a car together when they were involved in an accident. The insured was killed instantly and the beneficiary died 10 days later. Which policy provision will protect the rights of the contingent beneficiary to receive the policy benefits?
A policyholder has named their spouse as the primary beneficiary and their child as the contingent beneficiary. Under what circumstances will the contingent beneficiary receive the death benefit?
Which of the following statements is TRUE regarding Waiver of Premium Rider?
What is the primary purpose of the Last Survivor Settlement option in a joint life insurance policy?
