Ben has named Jerry as primary beneficiary of Ben's life insurance policy and Tom as the contingent beneficiary. In which of the following ways do the rights of Jerry differ from the rights of Tom? - -If Jerry is living when Ben dies, Tom has no legal right to any of the life insurance lump-sum death proceeds. -The only circumstances under which Tom would have any legal right to the lump-sum death proceeds would be if Jerry predeceases Ben. -a.1 Only -b.2 Only -c.Both 1 and 2
Ben has named Jerry as primary beneficiary of Ben's life insurance policy and Tom as the contingent beneficiary. In which of the following ways do the rights of Jerry differ from the rights of Tom? - -If Jerry is living when Ben dies, Tom has no legal right to any of the life insurance lump-sum death proceeds. -The only circumstances under which Tom would have any legal right to the lump-sum death proceeds would be if Jerry predeceases Ben. -a.1 Only -b.2 Only -c.Both 1 and 2
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter27: The Basic Tools Of Finance
Section: Chapter Questions
Problem 5PA
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-Ben has named Jerry as primary beneficiary of Ben's life insurance policy and Tom as the contingent beneficiary. In which of the following ways do the rights of Jerry differ from the rights of Tom? - -If Jerry is living when Ben dies, Tom has no legal right to any of the life insurance lump-sum death proceeds. -The only circumstances under which Tom would have any legal right to the lump-sum death proceeds would be if Jerry predeceases Ben. -a.1 Only -b.2 Only -c.Both 1 and 2
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