A life insurance contract contains clauses for:
A) settlement options.
B) policy reinstatement.
C) beneficiary clause.
D) all of the above
E) none of the above

Question

Quizplus · Accepted Answer

A life insurance contract typically contains all of these clauses:
- Settlement options: these clauses provide the policyholder with different options for receiving the death benefit, such as a lump sum or periodic payments.
- Policy reinstatement: these clauses explain the conditions under which a lapsed policy can be reinstated, and the process that the policyholder needs to follow to do so.
- Beneficiary clause: this clause identifies the person(s) or entity that will receive the death benefit in the event of the insured's death. It usually includes information such as the beneficiary's name, relationship to the insured, and percentage of the death benefit that they will receive.

A Life Insurance Contract Contains Clauses For