Which of the Following Is Provided for by Statute with Respect

question 13

Multiple Choice

Which of the following is provided for by statute with respect to life insurance?

• A) The beneficiaries must contribute to the payment of the premium on a prorated basis.
• B) Anyone can insure the life of a person who gives written consent to the contract.
• C) It requires a coinsurance clause that prevents coverage for less than its value.
• D) Life insurance contracts may require the payment of deductibles on loss.

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Definitions:

Financing Statement

A document filed by a creditor to indicate a security interest in the personal property of a debtor, used in securing loans.

Financing Statement

A form filed to give public notice of a secured party's interest in the debtor's collateral, facilitating the priority of claims in case of default.

Secured Interests

Interests in personal property or fixtures that secure payment or performance of an obligation, often seen in lending and financing agreements.

Take Possession

Take possession refers to the act of assuming physical control or ownership of a piece of property or asset.