If an Instrument Is Negotiable,it Is Governed by Article 2

question 11

True/False

If an instrument is negotiable,it is governed by Article 2 of the UCC.

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Definitions:

Straight Life Insurance

Insurance that requires the payment of premiums throughout the life of the insured and pays the beneficiary the face value of the policy upon the insured’s death.

Face Value

The nominal or original value printed on a security or financial instrument, such as a bond or stock certificate.

Lapse Policy

A situation where an insurance policy becomes inactive because premiums have not been paid.