The Fact That a Partnership Is Terminated After a Life

question 48

True/False

The fact that a partnership is terminated after a life insurance policy is obtained by one partner on another invalidates the policy.

---

Definitions:

Assignee

An individual or entity to whom rights or interests have been transferred by another party.

Statutory Assignment

An assignment that meets certain qualifications and under which the assignee can enforce a claim directly without involving the assignor.

Perished

Refers to goods or property that has been destroyed or has deteriorated to the point where it is no longer usable or valuable.

Lumber

Processed wood used for building and construction purposes.