All of the following statements about the requirements to reinstate a lapsed life insurance policy are true EXCEPT
A) Evidence of insurability is required.
B) The lapse must have resulted from other than the surrender of the policy for its cash value.
C) All overdue premiums must be paid along with interest from the premium due dates.
D) There is no time limit on when the policy may be reinstated.
Answer: D
You might also like to view...
Which of the following statements describes teams??
A) ?They lead to decreased interaction between employees and management. B) ?They increase efficiency by eliminating layers of managers whose job was once to pass orders downward. C) ?They function effectively as soon as they are formed requiring no developmental process to operate. D) ?They require managers to set goals for each team member.
One way for a retail merchant to avoid liability in a false arrest suit by a customer suspected of shoplifting is to prove that
a. no security guard was on duty. b. the customer consented to being detained. c. the store manager was new. d. the customer really didn't shoplift.
Refer to Table 4-2. The Total Asset Turnover ratio for 2007 was approximately
A) 1.54. B) 1.49. C) 1.44. D) 1.47.
On November 1, Arvelo Corporation had $32,000 of raw materials on hand. During the month, the company purchased an additional $78,000 of raw materials. During November, $95,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,000. Prepare journal entries to record these events. Use those journal entries to answer the following questions:The credits to the Raw Materials account for the month of November total:
A. $95,000 B. $32,000 C. $110,000 D. $78,000