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On August 9, Albert made an application for life insurance that his agent submitted 

a day later without a premium payment. On August 21, the insurer issued the

 

policy as applied for and on August 24, the agent delivered the policy and collected 

the initial premium. On what day was the contract offer made?

 

 

  1. August 9 

  2. August 10 

  3. August 21 

  4. August 24 - ANSWER- C. Rationale:If an applicant does not submit an initial premium with the application, the applicant is inviting the insurance company to make a contract offer. The insurer can respond by issuing a policy (the offer) that the applicant can accept by paying the premium when the policy is delivered. 

 

All statements made by an applicant in an application for life insurance are 

considered to be

 

 

  1. warranties 

  2. affirmations 

  3. representations 

  4. declarations - ANSWER- C. Rationale:Most states require that life insurance policies contain a provision that all statements made in application be deemed representation not warranties. A representation is a statement made by the applicant that the applicant believes to be true. A warranty is a statement made by the applicant that is guaranteed to be true. If an insurance company rejects a claim on the basis of a representation, the company bears the burden of proving materiality. 

 

Which of the following legal terms indicates that a life insurance contract contains 

the enforceable promises of only one party?

 

 

  1. adhesion 

  2. unilateral 

  3. conditional

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jordancarter 7 months ago

This study guide is clear, well-organized, and covers all the essential topics. The explanations are concise, making complex concepts easier to understand. It could benefit from more practice questions, but overall, it's a great resource for efficient studying. Highly recommend!
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