Which of the following statements about the guaranteed purchase option is true?
A) An insured usually has 24 months to exercise an option.
B) The option cannot be exercised until the insured reaches age 40.
C) The amount of life insurance that can be purchased at each option is limited to 10 percent of the face amount of the basic policy.
D) The additional coverage can be purchased without demonstrating insurability.
Answer: D
Business
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