5. John is a mortgage broker with Rooftop Sales. He meets with an injurance agent an April 1st und decides to apply for a life inqurnnce goley thet has a death benefit of $1M. After completing the medical questionnaire, his agent advises him that he qualifien for temponty iffe insurance. The termpnety insurance agreement the inatarer offers is the lesser of either the face amount applled for or 5250,000. John provides his agent with a cheque for the first months premium and receives a receipt for his 90 -day temporary insurance coueragn. On Apmil Wahi. however, Johnit agont recelves notice that his cheque was not honoured by the bank: How riuch coverage will John's beneficiary or estate be entitied to in the event that he dies in n car accident a couple of weeks following his apilcatson date? Johriu coverage is limited to $250,000, according to the maximurn poysble under the temporary insurance agreement. Johin'a coverage will be for the foll amount ipplied for 57M. Johin did not have any coverage in foren on the date of his death. Johnis coverage is for $250,000, because his deuth occurred after he signed the application