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Gary purchased a $200,000 life insurance policy on his own life. The temporary insurance agreement (TIA) was not issued since Gary opted to pay the
Gary purchased a $200,000 life insurance policy on his own life. The temporary insurance agreement (TIA) was not issued since Gary opted to pay the initial premium on delivery of the policy. His agent delivered the pollcy on june 15t, 2017. Gary gave him a cheque for the initial premium dated for june 15th,2017. Unfortunately Gary had a scuba diving accident and died on June 10th,2017. Will the insurer pay the death benefit to his beneficiary? Select one: a. Yes, because the day the application was signed is the day the policy was in force b. No, because scuba diving is not covered in a life insurance policy c. No, because the policy is not in effect until the initial premium is paid d. Yes, because the policy was delivered June 1,2017 with no conditions attached
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