All of the following are true regarding life insurance policies EXCEPT
A) you can name anyone as your beneficiary or even have multiple beneficiaries.
B) beneficiaries must be people.
C) people often buy these policies to leave money to cover debts they want paid.
D) some companies provide these policies as part of their employment contract.
E) these policies can be purchased for $10,000 or millions of dollars, depending on how much you want your beneficiary to receive.

Question

Quizplus · Accepted Answer

A life insurance policy guarantees a payment upon death, and the price of the policy depends on how much money you want your beneficiary to receive. Policies can be purchased for $10,000 or millions of dollars. You can name anyone as your beneficiary or even have multiple beneficiaries. A beneficiary can be a person, persons, or an organization, such as a university, church, or any other charitable organization. The two most common reasons people buy life insurance is to leave money to cover debts they want paid, such as the mortgage on a house or money to educate children or grandchildren, or to leave an estate for their loved ones. Some companies provide life insurance as part of their employment contract.

All of the Following Are True Regarding Life Insurance Policies