Lila obtains a life insurance policy with no cash surrender value and names her son Maurice as the beneficiary.This is

Question

Quizplus · Accepted Answer

The fact that the life insurance policy has no cash surrender value and the naming of a beneficiary indicate that this is a term life insurance policy. Term life insurance provides coverage for a specific period of time and pays out a death benefit to the named beneficiary if the insured dies during that time.

Lila Obtains a Life Insurance Policy with No Cash Surrender