Nelly purchased a 10-year guaranteed renewable term life insurance policy in 2000, with a face...
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Nelly purchased a 10-year guaranteed renewable term life insurance policy in 2000, with a face amount of $500,000. Her initial premium was set at $1,000 annually. When Nelly's policy renews after the first 10 years, which of the following statements is/are true?
1. Nelly will need to provide evidence of her continued good health. 2. The face amount of Nelly's policy will automatically increase. 3. Nelly's policy will renew automatically, provided she pays the required premium. 4. Nelly's annual premium will decrease.
| A. | 2 only. | |
| B. | 3 only. | |
| C. | 1 and 4 only. | |
| D. | 2, 3 and 4 only. |
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