Question 3020 of 287 · Texas Life, Accident and Health Agent Exam
In life insurance, consideration from the applicant consists of
Exactly one answer is correct.
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Correct answer to question 3020
- C: the initial premium and the statements in the application
Explanation
The applicant's consideration is the premium payment and the representations made. The insurer's consideration is its promise to pay the benefit.
More questions: Life: Application, Underwriting, Delivery and Contract Law
- 3021A life insurance contract is described as a contract of adhesion because
- 3022A life insurance policy is a unilateral contract because
- 3023A life insurance contract is aleatory, which means
- 3024A life insurance policy is called conditional because the insurer's duty to pay depends on
- 3025Coverage under a life insurance policy normally begins
- 3026When delivering a policy, an agent should also