What are the features that distinguish universal life from traditional forms of life insurance?
What will be an ideal response?
The features that distinguish traditional forms of life insurance from universal life include: 1 ) flexibility of premium payments, 2 ) ability to earn a greater rate of return when interest rates rise, 3 ) flexibility in death benefits, 4 ) transparency in the component costs and returns.
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If a material amount of inventory has been ordered through a formal purchase contract at the balance sheet date for future delivery at firm prices,
a. this fact must be disclosed. b. disclosure is required only if prices have declined since the date of the order. c. disclosure is required only if prices have since risen substantially. d. an appropriation of retained earnings is necessary.
An unlicensed assistant may complete legal documents such as contracts.
a. true b. false