Which of the following statements about the guaranteed purchase option is true?

Question

Quizplus · Accepted Answer

The guaranteed purchase option allows the insured to purchase additional coverage without demonstrating insurability. There is usually a time limit, but it can vary by policy. The amount of coverage that can be purchased at each option is also determined by the policy, but it is often a percentage of the face amount of the basic policy. There is no age requirement for exercising the option, although there may be a minimum age for the insured. Therefore, only statement D is true.

Which of the Following Statements About the Guaranteed Purchase Option