Which of the following is true?
A) The life insurance grace period gives the insured two months during which to correct any misinformation supplied in the application for coverage.
B) If the insured misstates his/her age on a life insurance application, the insurer has grounds for voiding the contract.
C) The purpose of the beneficiary clause in life insurance is to enable the policy owner to designate to whom the proceeds shall be paid when the insured dies.
D) The life insurance assignment clause requires that the policy owner get the insurer's consent before assigning policy ownership to someone else.
C
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Which of the following action elements is NOT desired for successful Marketing (Big M)?
A. Creating market-driving, not just market-driven, strategies B. Finding somebody at the top of the firm to consistently champion this Marketing (Big M) business philosophy C. Remembering the fact that the marketing department is where Marketing (Big M) takes place D. Ensuring that everyone in an organization, regardless of their position or title, understands the concept of customer orientation E. Aligning all internal organizational processes and systems around the customer
____ activities are unnecessary activities
A) Frivolous B) Nonvalue-added C) Expensive D) Under-performing E) none of these
Alice's Aspirin Inc, produces and packages aspirin for sale to retail stores. Bob buys a bottle of Alice's aspirin at Dahl's Food Stores. Two days later Bob's friend, Hank, takes two aspirin while at Bob's house. Within minutes, Hank is very ill and is rushed to the hospital, where it is found that a defect in the aspirin caused the reaction. Which of the following is correct?
a. Hank can sue both Alice's Aspirin Inc. and Dahl's under tort theories because he is an injured party due to the defective product. b. Hank cannot sue anyone because he assumed the risk of taking the aspirin. c. Hank cannot sue anyone because he is not in privity with Dahl's or Alice's. d. Hank can sue but will not be able to recover consequential damages for his medical expenses.
Which of the following would be a valid reason for an insurer to contest a policy after the contestable period has ended?
A) The policyholder made a material misrepresentation in the application process. B) The insurer's loss ratio is running higher than the insurer anticipated. C) The applicant had someone else take the medical examination required for policy approval for her. D) The policyholder concealed a material fact at the time of application.