Marvin buys a life insurance policy at $25 per month and is killed in an accident ten days later. His beneficiary receives $100,000 in death benefit. This unequal balance in the benefit received versus premium paid, is what type of contract? Aleatory Period Certain Unilateral O Biased Helen buys a universal life policy with $250,000 of coverage. Nineteen years after purchasing the policy, she passes away. She has a cash value amount of $21.231. Her beneficiary received death benefit proceeds of $271,231. What was the death benefit option Helen had selected? Guaranteed Insurability Option Option A-Level Benefit Accidental Death Benefit Option Option B - Increasing Benefit Stephen's grandmother bought a whole life policy for $50,000 on Paul when he was a baby. She died when he was 28. Two months later he received a letter from the insurance company informing him that he had a policy in-force with them in the amount of $31,624 and no further payments were due or required. What action did the insurance company take? They used the difference to pay for his grandmother's funeral The company implemented the policy provision of Secondary Policyowner Policy Reduction The reduced the coverage by the amount paid under the Premium Loan Provisions They implemented the policy provision referred to as Reduced-Paid Up Jill purchased a permanent policy and after 10 years lost her job. She could no longer afford to make payments on her policy. The insurance company allowed her to stop payments but did not cancel or modify her coverage in any way. What type of policy did Jill purchase? Whole Life Insurance Universal Life Insurance Equity Indexed Hybrid Life coverage Term Policy Insurance