Insurable interest does NOT occur in which of the following relationships?

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Insurable interest does NOT occur in which of the following relationships?

A) Sister and brother
B) Parent and children
C) Business partners
D) Business owner and business client

Answer: D) Business owner and business client

Legal Concepts

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

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James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?

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A domestic insurer issuing variable contracts must establish one or more
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The pro rata liability clause is designed to protect the principle of
The two major actions required for a policyholder to comply with the Reinstatement Clause are
Life insurance policies will normally pay for losses arising from
Which of the following statements regarding the taxation of Modified Endowment Contracts is FALSE
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In an insurance contract, the applicant's "consideration" is the
Agents may be found guilty of defamation if they make a false statement that is intended to?
How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
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The authority granted to a licensed producer is provided via the
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All of the following entities regulate variable life policies EXCEPT
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When the principal gives the agent authority in writing, it's referred to as
What is the benefit of choosing extended term as a nonforfeiture option?
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