A life insurance company organized in Pennsylvania, with its home office in Philadelphia, is licensed to conduct business in New York. In New York, this company is classified as

A contingent beneficiary in a life insurance policy has the right to

A) receive the policy proceeds if the primary beneficiary dies before the insured. B) share the policy proceeds with the primary beneficiary. C) change the beneficiary designation under specified circumstances. D) exercise policy rights if the insured is incapacitated.

Normally, when buying a business, the seller:

A) does not sign a restrictive covenant. B) notifies creditors 10 days prior to the sale of the business. C) cannot assign his credit arrangements with suppliers to the buyer. D) has little formal role or obligation in preparing documents and information necessary to the sale.