Which of the following statements regarding life insurance applications is NOT correct?

A) The application must be carefully reviewed by the agent for completeness.
B) Completed applications contain personal information, which must be protected.
C) The application may not be altered without the change being initialed by the applicant.
D) Statements made by the applicant on the application are considered to be warranties."

Answer: D) Statements made by the applicant on the application are considered to be warranties."

Business

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The Federal Trade Commission (FTC):

A. promotes fair competition in industries by enforcing antitrust laws. B. bans the sale of products that expose consumers to unreasonable risks. C. sets safety and effectiveness standards for over-the-counter drugs. D. regulates the safety and labeling of cosmetics.

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Martha gave Hannah the right to purchase her vacant lot for $65,000. Hannah paid Martha $1,200 for this right. Hannah is the :

A. mortgagor B. Mortgagee C. Optionor D. Optionee

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