Life Insurance Assignment Chad, age 32, owns an ordinary life insurance policy with face amount of $200,000. The policy pays dividends. The following riders are attached to the policy: additional benefit of $50,000 if death occurs from an accident, and guaranteed purchase option. For each scenario, answer the question that follows. Treat each case separately. 1. Chad died from an accidental car crash. No (go to parte) a) Will the insurer pay? Circle one: Yes (go to part b) b) If yes, how much would the insurer pay to Chad's beneficiaries? c) If no cite the relevant provision and explain why not. 2. Chad committed suicide three years after the policy was purchased. No (go to parte) a) Will the insurer pay? Circle one: Yes (go to part b) b) If yes, cite the relevant provision and explain why c) If no cite the relevant provision and explain why not. 3. During the insurance application, Chad intentionally lied about his lung problems because he knows he might be uninsurable. He died six months later due to lung cancer after the policy was issued No (go to parte) a) Will the insurer pay? Circle one: Yes (go to part b) b) If yes, cite the relevant provision and explain why. c) If no cite the relevant provision and explain why not. 4. Twenty years after the policy was issued, Chad felt that the premium payments are financially burdensome. He wants to reduce his annual premium outlay (at least temporarily), but he wants to keep the policy limit as is, as well as the duration of insurance coverage. Which dividend option fits Chad's objective? Circle one. a) Paid-up Addition b) Dividend Accumulation. c) Premium payment