Which of the following statements pertaining to a life insurance contract is CORRECT?
A) The term unilateral refers to the legal obligations of the policyowner.
B) The term aleatory indicates that the values received by each party may be unequal.
C) The term conditional indicates that the insurer will pay benefits regardless of a loss.
D) The term adhesion indicates that the parties to the contract have a right to expect honesty from each other."
Ans: B) The term aleatory indicates that the values received by each party may be unequal.
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What guarantees that the statements supplied by an insurance applicant are true?
A) Assurance B) Promise C) Representation D) Warranty
The employment agreement between a broker and a salesperson needs to be retained by the broker and salesperson for:
a. three years from the date of the execution of the contract. b. three years from the date of the termination of the salesperson's employment. c. four years from the date of the termination of the salesperson's employment. d. five years from the date of the termination of the salesperson's employment.