If a Life Insurance Policy Lapses for Nonpayment of Premiums,and

question 57

Multiple Choice

If a life insurance policy lapses for nonpayment of premiums,and the policyholder has not elected another option,which nonforfeiture option usually goes into effect in most policies?

• A)reduced paid-up insurance
• B)one-year term insurance
• C)extended term insurance
• D)payment of cash value

Analyze the role of collective identity within social movements.

Understand the impact of disaster and collective behavior on communities.

Describe the processes and effects of rumors, urban legends, and moral panics in society.

Distinguish between different types of crowds and their characteristics.

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Definitions:

Federal Reserve System

The central banking system of the United States, responsible for monetary policy, regulation of financial institutions, and ensuring financial stability.

UCC

Governing all commercial activities in the United States, the Uniform Commercial Code is a complete assembly of legal rules.

Savings and Loans

Financial institutions traditionally focused on accepting savings deposits and making mortgages and other loans.

Credit Unions

Member-owned financial cooperatives that provide savings, credit, and other financial services to their members with typically favorable interest rates and terms.