In all instances, obtaining a life insurance policy requires that insurable interest must exist between:

a$.$ the applicant and the primary beneficiary

b$.$ the applicant and the insured

c$.$ the primary beneficiary and the secondary beneficiary

d$.$ the applicant and all named beneficiaries

What person or entity stands next in line to assume ownership of a life insurance policy in the event the original owner dies?

a$.$ the issuing life insurance company

b$.$ the beneficiary

c$.$ the contingent owner

d$.$ the insured

What is the primary source that insurance companies use to obtain information about an applicant$-$insured for life insurance?

a$.$ the insurance application

b$.$ the producer's statements of fact

c$.$ the Medical Information Bureau $($MIB$)$

d$.$ credit reports