Question: Assessment progress: 1O VI LU The wording of the entire contract provision in a life insurance policy varies according to whether the policy is a

Assessment progress: 1O VI LU The wording of the entire contract provision in a life insurance policy varies according to whether the policy is a closed contract or an open contract. The following statements are about these two types of contracts. Select the answer choice containing the correct statement. The entire contract provision in a closed contract states that the entire insurance contract consists of the insurance policy, any attached riders, and the attached copy of the application for insurance. Both open contracts and closed contracts require that all documents considered part of a contract be attached to the contract. Because insurance policies issued by fraternal insurers are closed contracts, a fraternal insurer must attach a copy of the fraternal charter, constitution, and bylaws to the policy in order for the contract to be valid. The entire contract provision in an open contract allows oral statements to modify the terms of the policy

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