Which of the following is NOT a type of information that needs to be gathered in order to determine the value of someone's life when using the needs approach?

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Which of the following is NOT a type of information that needs to be gathered in order to determine the value of someone's life when using the needs approach?

a. mortgages
b. expenses
c. estimated longevity
d. outstanding debt

Answer: c. estimated longevity

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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?

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? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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A domestic insurer issuing variable contracts must establish one or more
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In an insurance contract, the applicant's "consideration" is the
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The voluntary relinquishment of a legal right is called
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