When Must an Insurable Interest Legally Exist in Life Insurance

question 17

Multiple Choice

When must an insurable interest legally exist in life insurance?

• A)only at the time of the insured's death
• B)only at the inception of the policy
• C)only at the time the beneficiary is paid
• D)both at the time of the insured's death and at the inception of the policy

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Definitions:

Quantity Demanded

The total amount of goods or services that consumers are willing and able to purchase at a given price level.

Relatively Inelastic

A situation where the demand for a product does not change significantly with a change in the price.

GSU

An acronym that can refer to Georgia State University or other entities, depending on the context.

Total Revenue

The total amount of money generated from sales of goods or services before any expenses are subtracted.