1. Briefly explain the following life insurance contractual provisions. - Suicide clause - Grace period * Reinstatement clause 2. Describe the incontestable clause in a life insurance policy. What is the purpose of the incontestable clause. 3. Explain the requirements for reinstating a lapsed life insurance policy. What are the advantages and disadvantages of reinstating a lapsed life insurance policy? 4. A life insurance policy that pays dividends is known as a participating policy. Identify the sources from which dividends can be paid. 5. Describe the policy loan provision that appears in a typical cash-value life insurance policy. *Why is interest rate charged on a policy loan? *List the advantages and disadvantages of a policy loan. 6. Jim, age 32 , purchased a $300,000 five-year renewable and convertible term insurance policy, In answering the health questions, Jim told the agent that he had not visited a doctor within the last 5 years. However, he had visited the doctor 2 months earlier. The doctor told Jim that he had a severe heart problem. Jim did not reveal this information to the agent when he applied for life insurance. Jim died 3 years after the policy was purchased. At that time, the life insurer discovered the heart ailment. Explain the extent of the insurer's obligation, if any, with respect to payment of the death claim