1- All of the following are provisions of industrial life EXCEPT: a-Suicide provisions do not apply...

1- All of the following are provisions of industrial life EXCEPT:

	a-Suicide provisions do not apply to the policy
	b-Because the cash value is so low, policy loans are not permitted
	c-The application is not a part of the policy
	d-The policy provides a 61-day grace period

2- Of the following, which best describes a need that decreasing term insurance is often used to meet?

	a-Providing funds to pay off an outstanding loan at a reasonable premium
	b-Providing long-term coverage at a reasonable premium
	c-Providing funds for final expenses at a reasonable premium
	d-Providing funds to pay off an outstanding loan at a high premium

Expert Solution

1. Answer- d-The policy provides a 61-day grace period

Explanation- Since the industrial insurance premium has to be paid weekly or monthly there is no 61-day grace period. In other words, the amount and frequency of premiums does not vary.

2. Answer- a-Providing funds to pay off an outstanding loan at a reasonable premium.

Explanation- A decreasing term insurance wherein the sum assured decreases certain percentage every year as the premium is paid. At the end of the maturity period, there is not sum assured as in other normal insurances. This insurance is usually obtained to pay off loans such as mortgage loans and the premiums in this insurance are very low when compared to normal loans.

keosha answered 2 years ago

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