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Jack Black is the policy owner and life insured of a 20-year term life insurance...

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Finance

Jack Black is the policy owner and life insured of a 20-year term life insurance policy, with a $250,000 face value, on which he has named his spouse, Eden, as the beneficiary. Unfortunately, Jack Black is consistently late in the payment of his premiums, usually paying them about 3 weeks after the annual September 1 due date. This year, he missed the payment of $1,225 which was due September 1, but he remembered in mid-December. What are Jack Black's standard rights as of December 15?

Question 28 options:

He could immediately apply for a reinstatement of the policy by paying the September 1st premium and potentially needing to provide evidence of good health

He could pay the September 1 premium before the policy lapses at the end of the year

He will have to forego the policy with no other options available

He will be required to pull a credit bureau to ensure his credit circumstances are in good standing

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