Benny applies and is approved for a whole life insurance policy through Grateful Life Insurance company. One

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Benny applies and is approved for a whole life insurance policy through Grateful Life Insurance company. One week after paying his first premium and taking delivery of the policy, Benny decides that he doesn’t need whole life insurance and the premiums are too costly. Which of the following CORRECTLY describes what Benny can do about his whole life policy?

a) Benny can cancel the policy and receive a full refund of his premium.

b) Benny cannot terminate his policy without incurring cancellation penalties.

c) Benny can cancel the policy but Grateful Life will not refund his premium.

d) Benny cannot cancel his policy but he can convert it to a different type of coverage.

Posted Date: Nov 26, 2021 04:51 PM

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Benny applies and is approved for a whole life insurance policy through Grateful Life Insurance company. One

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Answer Option A Reason 1 When you buy a life insurance policy you generally ... View the full answer

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