Question: What is the purpose of other insurance provisions
What is the purpose of other-insurance provisions?
Answer to relevant Questionsa. What is the meaning of "named insured"?b. Can other parties be insured under a policy even though they are not specifically named? Explain your answer.Janet, age 28, is married and has a son, age 3. She wants to determine how much life insurance she should own based on the capital retention approach. She would like to provide $30,000 each year before taxes to her family if ...a. Briefly explain the basic characteristics of term insurance.b. Identify the major types of term insurance sold today.c. Explain the situations that justify the purchase of term insurance.d. What are the major limitations ...Kathy, age 29, is married and has a son, age 3. She owns a $100,000 ordinary life insurance policy that contains a waiver-of-premium provision, guaranteed purchase option, and accelerated benefits rider. Kathy has several ...All states have nonforfeiture laws that require the payment of a cash-surrender value when a cash-value policy is surrendered. Briefly explain the following nonforfeiture options that are found in a typical life insurance ...
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