All of the following statements about life insurance are true, EXCEPT: Select one: a. Whole life...

All of the following statements about life insurance are true, EXCEPT: Select one:

a. Whole life insurance is regarded as permanent insurance and is generally more expensive than term insurance.

b. Beneficiaries who receive benefits under life insurance policies after the insured’s death must pay income tax on the death benefits they receive.

c. Term life insurance provides temporary protection for a stated number of years, and is frequently renewable.

d. The incontestable clause states that the insurer cannot contest the policy after it has been in force for a specified time—usually two years.

Expert Solution

"b. Beneficiaries who receive benefits under life insurance policies after the insured’s death must pay income tax on the death benefits they receive." is not true since Generally, when the beneficiary of a life insurance policy receives the death benefit, this money is not counted as taxable income.

Please do rate me and mention doubts, if any, in the comments section.

jeff jeffy answered 2 years ago

All of the following statements concerning whole life insurance are correct EXCEPT If the whole life...

All of the following statements concerning whole life insurance are correct EXCEPT If the whole life insurance premiums are to be paid throughout the insured’s lifetime, the insurance is known as limited-payment; if the whole life insurance premiums are to be paid only during a specified period, the insurance is designed as ordinary life Whole life insurance offers permanent protection with cash values, and it can be either participating or nonparticipating The protection afforded by the whole life insurance contract...

All of the following statements about variable life insurance are true EXCEPT:

All of the following statements about variable life insurance are true EXCEPT:a. Variable life insurance combines life insurance with a mutual fund.b. Variable life insurance provides a minimum guaranteed rate of return, but the actual return can be higher if investment experience is favorable.c. Variable life insurance allows the policyowner to select where the cash value is invested.d. Variable life insurance has fixed premium payments. e. Variable life insurance policies include settlement options.

All of the following statements about the characteristics of group insurance are true EXCEPT The actual...

All of the following statements about the characteristics of group insurance are true EXCEPT The actual experience of a group may be a factor in determining the premium that is charged. Individual evidence of insurability is usually required. Many persons are covered under a single contract. The cost of group insurance is generally lower than the cost of individual insurance.

All of the following statements about a loss sustained crime insurance form are true EXCEPT

All of the following statements about a loss sustained crime insurance form are true EXCEPTcoverage is for up to 1 year after the policy expireslosses sustained within the policy period are coveredlosses that occur after the policy expiration are coveredlosses that are discovered within a year of expiration are covered

All of the following statements about the Dodd-Frank Act are true, except: Select the correct answer...

All of the following statements about the Dodd-Frank Act are true, except: Select the correct answer below: ---the Dodd-Frank Act was designed to protect the American taxpayer by promoting government bailouts. ---the Dodd-Frank Act was designed to promote the financial stability by improving accountability in the financial system. ---the Dodd-Frank Act was designed to protect consumers from abusive financial services practices. ---the Dodd-Frank Act was designed to promote the financial stability by improving transparency in the financial system.

All of the following are true about project schedule EXCEPT? Select one: a. Critical path is...

All of the following are true about project schedule EXCEPT? Select one: a. Critical path is the shortest path in the network b. Activities on critical path have slack time of zero c. To shorten the project completion time, activities on the critical path should be crashed. d. The project completion time is the sum of all activity times on the critical path.

33. All of the following statements regarding other comprehensive income are true except: Select one: a....

33. All of the following statements regarding other comprehensive income are true except: Select one: a. Other comprehensive income includes unrealized gains and losses on available-for-sale securities b. Other comprehensive income is added or subtracted to net income to determine comprehensive income c. Other comprehensive income includes foreign currency adjustments d. A Statement of Comprehensive Income can be presented separate from the Income Statement e. Other comprehensive income is part of the Statement of Retained Earnings 36. A cash equivalent...

Which one of the following general statements about surplus lines insurance is true? Select one: a....

Which one of the following general statements about surplus lines insurance is true? Select one: a. State guaranty funds do not cover the policyholders of surplus lines insurers b. Surplus lines insurers are subject to state form and rate filing regulations c. All non-admitted insurers are surplus lines insurers d. Admitted insurance companies must write insurance in the surplus lines market

All of the following statements are true except:

All of the following statements are true except: a. A portfolio may contain multiple programs and projects. b. A project manager has the discretion to make trade-offs in regard to which programs to pursue. c. A program manager has the discretion to make trade-offs in regard to which projects to pursue. d. Projects have a finite timeline, while programs may exist as long as the parent organization does. Which of the following is a financial analysis tool that an...

Multiple choice: All of the following statements about evolution are true except: A) It is a...

Multiple choice: All of the following statements about evolution are true except: A) It is a change in the frequency of particular alleles within a population over time. B) Every mutation occurring in an organism’s DNA leads to genetic changes that are beneficial and adaptive. C) When an animal selects a mate based on particular features or behaviors, the offspring that result will be better adapted than would those arising from a purely random mate choice. D) Darwin’s theory of...

Question