Which of the Following Is Not a Characteristic of Term

question 44

Multiple Choice

Which of the following is not a characteristic of term life insurance?

• A) Premiums remain the same for your entire life
• B) It is the cheapest form of life insurance you can purchase
• C) It may include the option to renew
• D) It can be outlived

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Definitions:

Promissory Estoppel

A legal principle preventing a party from going back on a promise, which another party relied upon, even if there was no formal contract.

Consideration

In contract law, it is something of value exchanged by the parties involved in a contract, making the agreement legally binding.

Accord And Satisfaction

A legally binding agreement to settle a disputed claim for a definite amount.

Adequacy Of Consideration

The fairness of the value or price exchanged in a contract, though the law typically does not require consideration to be equal in value.