Life Insurance Proceeds May Be Used to Provide an Education

question 18

True/False

Life insurance proceeds may be used to provide an education or income for children.

---

Definitions:

Express Warranty

A clearly stated promise or guarantee by a seller about the quality or functionality of a product.

Basis of the Bargain

The foundation or crucial terms agreed upon in a contract that are a major reason one party enters into the agreement.

Bargain

An agreement between two or more parties where each party gives something of value to the other(s) in exchange for goods, services, or other benefits.

Implied Warranty of Merchantability

A legal presumption in sales law that goods sold by a merchant meet certain quality standards and are fit for the general purpose for which they are sold.