INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-A [viatical settlement | guaranteed purchase option] is when an insured sells an interest in the life insurance policy to an investor,who then becomes the policy's beneficiary.
A)for the first item
B)for the second item
C)if neither item will correctly complete the statement.

Question

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-A [viatical settlement | guaranteed purchase option] is when an insured sells an interest in the life insurance policy to an investor,who then becomes the policy's beneficiary.
A)for the first item
B)for the second item
C)if neither item will correctly complete the statement.

Quizplus · Accepted Answer

A viatical settlement is when an insured sells an interest in the life insurance policy to an investor, who then becomes the policy's beneficiary. A guaranteed purchase option is an option in a life insurance policy that allows the policyholder to purchase additional coverage without undergoing medical underwriting.

INSTRUCTIONS: Choose the Word or Phrase in [ ] Which