If a Person Who Is in Good Health Lies About

question 87

Essay

If a person who is in good health lies about their age on a life insurance application and the misrepresentation is discovered at the time of the person's death, what is usually the effect?

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Definitions:

Business Computer

A computer designed for business purposes, including processing data, managing information, and supporting business operations.

Double-Declining-Balance

A method of accelerated depreciation in which an asset’s book value is decreased at double the rate of its straight-line depreciation.

Sum-Of-The-Years'-Digits Depreciation

A depreciation method that results in a more accelerated write-off of an asset than straight-line depreciation, based on a sum of the years’ digits formula.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear, decay, or decline in value over time.