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Fin 334 Week One Assignment 1

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Week One Assignment 1 Sametta Rose- Pollydore FIN 334 April 9, 2016

Instructor McAndrew

Week One Assignment 1

A. Sonja fails to pay the second annual premium due on January 1. She dies 15 days later. When it comes to the premium which is the ordinary life insurance, the beneficiary will receive the proceeds of that policy because there is a grace period of 31 days to pay the overdue premium and by Sonja’s death occurring within that time frame of the grace period the beneficiary has the right to receive the proceeds from that policy. (Rejda, George, McNamara, 2014).

B. Sonja commits suicide three years after the policy was purchased.
When it comes to this situation, there is a “suicide clause” that states that if the insured commits suicide within two years after the policy is issued the face amount of the insurance will not be paid but, there will only be a refund of the premiums paid to the beneficiary. (Rejda, George, McNamara, 2014). In this case Sonja committed suicide three years after the policy was purchased so the beneficiary will receive the proceeds of the policy because the suicide clause has expired.

C. At Sonja's death, the life insurer discovers that Sonja deliberately lied about her age. Instead of being 25 years old, as she indicated, she was actually 26 years old at the time the policy was purchased. When it comes to this situation there is a misstatement of age or sex clause, that states if an insured’s age or sex is misstated the amount payable is the amount that the premium paid would have purchased at the correct age and sex. (Rejda, George, McNamara, 2014). So, by Sonja misstating the wrong age on the policy this

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