True/False Indicate whether the statement is trwe or false I. Liability insurance protects against liability imposed on the insured as a result of injuries property of another. If a life insurance applicant pays a premium but dies before the physical exam, there is obviously no coverage. 2 3. State law may mandate that an incontestability clause be included in an insurance policy. 4. Because insurance law follows contract law, bad faith tort actions against insurers are not alllowed. 5. In defense against payment, an insurance company can raise any of the defenses that would be valid in an ordinary action on a contract. In most states, a person must be sixteen years of age to execute a valid will. 6. 7. A nuncupative will is a will that is completely in the handwriting of the testator. To "publish" a will means to release it to the media. 8. 9. The trustee is the person for whose benefit a trust is held. 10. A constructive trust is "constructed" by a property owner to fulfill certain unique functions outside the usual bounds of a trust