All of the Following Are Requirements That Must Be Satisfied

question 7

Multiple Choice

All of the following are requirements that must be satisfied before premiums are waived under a waiver-of-premium provision EXCEPT

• A)The insured must furnish proof of disability to the insurer.
• B)The insured must be disabled before some specified age,such as age 60 or 65.
• C)The insured must satisfy the definition of disability.
• D)The insured must satisfy a 2-year waiting period.

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Definitions:

Financial Statements

Consolidated documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

Errors

In accounting, errors refer to mistakes made in recording, classifying, or summarizing financial transactions and statements.

Credit Sales

Sales transactions where the payment is deferred to a future date, typically allowing the buyer to purchase goods or services on credit.

Vice-president

An officer in a company or institution below the president in rank, who can act in place of the president under certain conditions.