An Insured Person Is Generally Allowed, by Policy Provision or Statute

question 17

Multiple Choice

An insured person is generally allowed, by policy provision or statute, a grace period of what length of time in which to make the payment of a premium due on a life insurance policy?

• A) 14 to 15 days
• B) 30 to 31 days
• C) 60 to 61 days
• D) 90 days

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Definitions:

Direct Material Price

The cost of raw materials that are directly used in the manufacturing of a product.

Actual Production

The real, quantifiable output of goods or services produced by a company during a specific period, as opposed to theoretical or planned production levels.

Normal Production

The standard or average level of production volume that a company expects to achieve under normal operating conditions.

Direct Labour Rate Variance

A financial measure that calculates the difference between the actual cost of direct labor and the estimated (or standard) cost.