Choosing Life Insurance Beneficiaries
Please help with this question of life insurance:?
When Louis Rich received a Bank loan of $ 1,000,000 that the bank wants to take Louis $ 1,000,000 life insurance policy. Luis will have to collaterally assign the bank. All statements are true about security assignments, except: Choose an answer. A. The collateral assignment shall automatically terminate when the loan is paid to the bank. B. A ten-year term at the policy level could be an appropriate policy, if the loan is ten years. C. Louis will have to sign the security transfer form and send it to the company insurance to be activated. D. If Bob dies before the loan is repaid, the bank pays the amount of that is due in the first recipient of Louis, will receive the balance of the profits. Nicky, can you please help with my question? Thank you!
C. You have to work these questions through the elimination of the first responses wrong – then the left is the correct answer. But do not pass the test, and up unless you know why wrong answers are wrong.
