Which of the Following Statements Is (Are)true About Savings Bank

question 31

Multiple Choice

Which of the following statements is (are) true about savings bank life insurance (SBLI) ?
I.Each depositor at the savings bank receives life insurance equal to his or her savings account balance.
II.The goal of SBLI is to provide low-cost life insurance to consumers.

• A)I only
• B)II only
• C)both I and II
• D)neither I nor II

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Definitions:

Life Insurance

A contract in which an insurer agrees to pay a designated beneficiary a sum of money upon the insured individual's death.

Uniform Commercial Code

A comprehensive set of laws regulating commercial transactions and dealings across the United States, aiming for uniformity among states.

Article 2

Refers to a particular segment of a legal code or document, which could vary significantly by context, often involved in discussing commercial transactions in the U.S. Uniform Commercial Code.

United Nations Convention

An international treaty adopted under the auspices of the United Nations, on various global issues ranging from human rights to environmental protection.