Lei purchased a life insurance policy three years ago and mistakenly checked a box on her application

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Lei purchased a life insurance policy three years ago and mistakenly checked a box on her application that said she did not have high blood pressure. She does. Yesterday, she died of a heart attack. Will her beneficiary receive the face value of the policy or only the premiums paid to date?

Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...
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Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

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