ECONOMICS
INSURANCE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
The old agent
|
|
|
The new agent
|
|
|
Richard
|
|
|
The old agent is liable for damage to your car and the new agent for personal injuries
|
Detailed explanation-1: -When the policy owner dies, the life insurance company will pay the death benefit to the named beneficiary. The death benefit will be paid to the deceased’s estate if no named beneficiary exists. The death benefit is typically paid out within 30 days of receiving proof of death.
Detailed explanation-2: -the insurance company agrees to pay a sum of money upon the death of the insured person. the beneficiary – the person or persons named by the policy owner – will receive policy proceeds (benefit) upon the death of the insured person.
Detailed explanation-3: -The consideration clause spells out exactly how much premium payments are and when they are due. The legal consideration for a life policy consists of the application and payment of the initial premium. It may also list the effective date.
Detailed explanation-4: -Common conditions in a policy include the requirement to file a proof of loss with the company, to protect property after a loss, and to cooperate during the company’s investigation or defense of a liability lawsuit.