A Fraudulent Misrepresentation Made in Order to Receive a Policy

question 113

True/False

A fraudulent misrepresentation made in order to receive a policy of life insurance may result in the company not having to pay on the policy.

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Definitions:

Term Annuity

An insurance product that pays out income over a fixed period or term, not necessarily for life.

Compounded Monthly

This involves the recalculating of interest on a loan or investment by taking into account both the initial principal and the accumulated interest from previous periods, recalculated on a monthly basis.

Life Annuity

A financial product providing a series of payments at regular intervals for the remainder of the annuitant's life.

Term Annuity

An annuity that provides regular payments for a specific duration or term, as opposed to a lifetime.