The Alternative Ways That a Beneficiary Can Choose to Receive

question 124

Multiple Choice

The alternative ways that a beneficiary can choose to receive the policy benefits upon the death of the insured are called

• A)premium options.
• B)settlement options.
• C)terminal options.
• D)residual options.
• E)none of the above.

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Definitions:

Financial Position

A snapshot of a company's assets, liabilities, and equity at a specific point in time, providing insight into its economic state and stability.

Accounting Equation

The fundamental principle of double-entry bookkeeping showing that assets are financed by liabilities and shareholders' equity, expressed as Assets = Liabilities + Equity.

Recording

The act of entering financial transactions into accounting records such as journals or ledgers.

Relevant

Information or data that is applicable to the current situation and is useful for decision-making purposes.