Explain what happens with regard to the insured misstating his/her age. Does the incontestable clause modify this result? Explain
What will be an ideal response?
When the insured misstates his or her age, the policy proceeds are adjusted to an amount given the insured's true age and the actual amount of premium paid. The incontestable clause does not prevent the misstatement of age clause from being implemented, because the incontestable clause bars the contesting of entire contracts and not of individual policy provisions. So even if death occurs after two years, the policy face amount is merely adjusted.
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A) scanning B) benchmarking C) investigation D) monitoring
Research and development costs are
a. treated as an expense when incurred. b. capitalized but not amortized. c. capitalized and amortized over the periods that will probably benefit from the research and development. d. included with the cost of the patent resulting from the research and development.
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a. 5 percent b. 10 percent c. 50 percent d. 90 percent
The income summary account is closed to the owner's capital account
Indicate whether the statement is true or false