Question

replacement involving a life policy or annuity includes; lapsing a policy, converting to reduced paid-up insurance, reissuing a policy with a reduction in cash value,

Answer 1

True, replacement involving a life policy or annuity includes; lapsing a policy, converting to reduced paid-up insurance, and Reissuing a policy with a reduction in cash value.

An insurance policyholder and an insurer or assurer enter into a contract for life insurance under which the insurer agrees to pay a predetermined beneficiary a certain amount of money in the event that the policyholder dies. Other occurrences, like critical illness or terminal illness, may also result in payment, depending on the terms of the contract. Benefits from life insurance policies may be used to assist with final expenses after your death. Funeral or cremation expenses, uninsured medical expenses, estate settlement costs, and other unpaid debts may fall under this category. A life policy can be helpful, especially for parents of young children, people who support a spouse, and people who care for the disabled. Though, It is not necessary for life insurance to be a part of everyone's estate plan.

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