Multiple Choice
Mary submitted an application for life insurance and named her husband Bob as the beneficiary of the $250,000 death benefit that would pay out after her death.Before the application was approved,Mary passed away.Does Bob receive the $250,000?
A) Yes,because Mary had submitted the application already.
B) Yes,but only if Mary was pre-approved for the life insurance policy.
C) Yes,but only if the policy was a guaranteed-issue life insurance policy.
D) No.If an insurance applicant sustains losses after submission of the application but before it is accepted,the insured must bear the losses.
Correct Answer:
Verified
Correct Answer:
Verified
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