Key-person life insurance is designed to benefit a key employee by paying the estate taxes due at the death of a key employee.

True

False

A taxable loan from a MEC does not increase the cost basis in the policy.

True

False

Factors that an underwriter considers for a life insurance policy include the persons age, height and weight, gender, general state of health, lifestyle, medical history, profession, financial status, hobbies, driving record, and whether they use tobacco products.

True

False