One Should Typically Name Both Primary and Contingent Beneficiaries for Life

question 40

True/False

One should typically name both primary and contingent beneficiaries for life insurance policies.

---

Definitions:

Circular-Flow Model

A model that illustrates the movement of resources and money between firms and households in an economy.

Capital

Wealth in the form of money or other assets owned or employed in business by an individual, firm, or country.

Wages and Income

Represents the earnings received by laborers for their work and can include salaries, wages, and other forms of compensation.

Circular-Flow Diagram

A visual model that shows how goods, services, and money move through the economy in a continuous, circular flow between households and firms.