Identify Two Ways That You Can Use Your Study Notes

question 40

Essay

Identify two ways that you can use your study notes to facilitate critical thinking.

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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.

Insurance Policy

A contract between an individual or entity and an insurance company, detailing the terms and agreements in which the insurer agrees to pay the insured for specific loss, damage, illness, or death in return for payment of a premium.