Which of the following clauses relates to a mortgage loan default and requires immediate payment of the debt?
A. Subordinate clause
B. Acceleration clause
C. Wilt clause
D. Safety clause
Answer: B. Acceleration clause
An acceleration clause allows the lender to accelerate the loan (demanding immediate payment of the entire amount owed) if the borrower fails to pay as agreed or defaults on any other aspect of the loan agreement.
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Which the following statements regarding 1035 exchanges is NOT correct?
A) Life insurance to annuity transfers are not taxable. B) Life insurance to life insurance transfers are not taxable. C) Annuity to annuity transfers are not taxable. D) Annuity to life insurance transfers are tax-free.
The filling or dredging of navigable waters and qualified wetlands are prohibited unless a permit has been obtained from the Army Corps of Engineers
Indicate whether the statement is true or false