An Incorrect Statement as to the Age of the Insured

question 36

True/False

An incorrect statement as to the age of the insured provides an insurance company with an excuse to avoid payment on the insured's death.

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Definitions:

Execute Policy

The act of implementing or carrying out a set of directives or procedures laid down by an organization or government.

Obtain Capital

The act of securing funds or resources to finance business operations, typically through borrowing, equity investment, or earnings.

Limited Liability

A legal structure that limits the financial responsibility of owners or shareholders to the amount they invested in the business, protecting personal assets from company debts and liabilities.

Share Transferability

The ease with which shares of a company can be bought, sold, or transferred among individuals or entities.