Craig is a business owner, and has a universal life policy with a level face death benefit
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Question:
a) Craig requires Jim's approval before he can decrease the amount of coverage to a reduced paid-up policy.
b) The investment funds in Craig's policy could be exposed to Jim's potential creditors while Craig is still alive and the policy is in force.
c) Poor investment performance in the contract could impair Craig's ability to take out a policy loan in the future.
d) In the event of Craig's death, poor performance in the investment account could negatively impact the amount received by Jim.
Related Book For
Business Law Principles for Today's Commercial Environment
ISBN: 978-1305575158
5th edition
Authors: David P. Twomey, Marianne M. Jennings, Stephanie M Greene
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