If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies?
A) No death benefit is owed because of the misstatement of age
B) The full original death benefit listed on the policy
C) A prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the correct age
D) The original death benefit listed on the policy minus any outstanding loans and interest
Ans: C) A prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the correct age
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James Quick was a partner in the Fast, Sure, and Quick Factors partnership. He subsequently died. His will left everything to his wife including a one-third interest in the land and building owned by Fast, Sure, and Quick. Which of the following statements is true?
A. Mrs. Quick is a one-third owner of Fast, Sure, and Quick's land and building. B. The real property in question was held by the partnership as a tenancy in common. C. Mrs. Quick automatically becomes the partner of Fast and Sure upon her husband's death. D. Mrs. Quick has the right to receive a settlement for her husband's interest in the partnership.