Which of the followings is NOT correct about lifeinsurance?a. To meet an insured person's debtsand other financial commitments inthe event of death.b. To pay for urgent medical expensesto save the life of an insured personif that is needed.c. To provide a financial benefit todependents upon premature deathof an insured person.d. To provide a sum of money if aninsured person got a fire in hisfactory.

The question is multiple choice question. Required Which of tje following is not correct about life…

Answered: Which of the followings is NOT correct…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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James stilton is the chiel executive officer (CEO) of RightLiving, Inc., a company that buys life insurance policies at a discount from terminally ill person and sells the policies to investors. RightLiving pays the terminally ill patients a percentage of the future dealth benefits. he patient receives the cash to use for medical and other expenses, and the investors are "gauranteed" a postive return on thier investtment. The diffrence between the purchase and sale prices is RightLiving's profit. Stilton is aware that some sick patients may obatin insurance policies through fraud (by not rvealing thier illness on the insurance appolication). An insurance company that discovers such fraud will cancel the policy and refuse to pay. Stilton bellieves that most of the policies he has purchased are ligitmate, but he knows that some are probly not. Question Would a person who aheres to the principles of rights consider it ethical for Stilton not to disclose the potential risk of…
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