One Important Feature of a Whole Life Policy Is the Nonforfeiture

question 149

True/False

One important feature of a whole life policy is the nonforfeiture clause.

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Definitions:

Proprietorship

A business entity owned and operated by a single individual, with no distinction between the business and the owner.

Personal Liability

The responsibility of individuals to repay debt or fulfill obligations from their own assets, distinct from corporate or shared liabilities.

Limited Liability

A legal structure where a company's owners are protected from personal responsibility for its debts or liabilities beyond their investment in the company.

Stakeholder Theory

A concept in organizational management and business ethics that emphasizes the importance of considering the interests of all parties affected by business activities, not just shareholders.