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What is a lapsed life insurance policy

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Reference no: EM132502367

Question 1: Discuss why does a whole life insurance policy require a larger premium than a term insurance policy? Describe the advantages and disadvantages of buying term insurance.

Question 2: Does the incontestable clause mean an insured always "gets away with" fraud against the insurer? Is the purpose of the incontestable clause to protect the insured from fraud? Explain the advantages of the incontestability clause in life insurance from society's standpoint.

Question 3: What is a lapsed life insurance policy? What are some possible causes of lapsing? Is a lapsed policy a problem or benefit to the insured? To the insurer?

Question 4: Discuss the exceptions to the contracts of indemnity in insurance contracts available to us.

Reference no: EM132502367

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