A Guaranteed Purchase Option Is When an Insured Sells an Interest

question 151

True/False

A guaranteed purchase option is when an insured sells an interest in the life insurance policy to an investor,who then becomes the policy's beneficiary.

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Definitions:

Young Adults

Individuals in their late teens to mid-twenties, often transitioning from adolescence into full adulthood with increasing responsibilities.

Living Longer

The trend or phenomenon of individuals achieving longer life spans due to advancements in medicine, nutrition, and living conditions.

Married

A legally or formally recognized union of two people as partners in a personal relationship, typically denoting commitment and shared life experiences.

SES

An abbreviation for socio-economic status, a combined measure of an individual's economic and social position in relation to others, based on income, education, and occupation.