Jin, the insured under a life insurance policy, fails to pay the premium on its due date but makes the payment within the next thirty days. Ordinarily, under an antilapse clause, this policy would a. be subject to arbitration concerning the propriety of the payment. b. be adjusted proportionate to the delay in the premium payment. c. automatically lapse. d. not be canceled

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Answered: Jin, the insured under a life insurance…

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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Jin, the insured under a life insurance policy, fails to pay the premium on its due date but makes the payment within the next thirty days. Ordinarily, under an antilapse clause, this policy would

be subject to arbitration concerning the propriety of the payment.

be adjusted proportionate to the delay in the premium payment.

automatically lapse.

not be canceled

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