Under what circumstances would a life insurance contract qualify as a "standard policy"?

A. Under no circumstances
B. When it contains all of the essential elements of an insurance contract, as described in the Model Policy Article of the California Insurance Code
C. When it conforms to the NAIC Model Illustration requirements
D. When it meets the guidelines established by the Commissioner, as described in the Model Policy Article of the California Insurance Code

Question

18-07-2024
Business

Answered

Under what circumstances would a life insurance contract qualify as a "standard policy"?

A. Under no circumstances
B. When it contains all of the essential elements of an insurance contract, as described in the Model Policy Article of the California Insurance Code
C. When it conforms to the NAIC Model Illustration requirements
D. When it meets the guidelines established by the Commissioner, as described in the Model Policy Article of the California Insurance Code

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-18T02:13:30-04:00

Final answer:

A life insurance contract qualifies as a standard policy when it meets the guidelines outlined in the Model Policy Article of the California Insurance Code.

Explanation:

Under what circumstances would a life insurance contract qualify as a "standard policy?" A life insurance contract would qualify as a standard policy when it meets the guidelines established by the Commissioner, as described in the Model Policy Article of the California Insurance Code. Compliance with these guidelines ensures that the policy contains all essential elements required for it to be considered a standard policy.

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