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      Question

      A term policy that can be converted to permanent

      coverage rather than expiring on a specific date is called?
      A Contingent Beneficiary Correct Answer Incorrect Answer
      B Contingent Liability Correct Answer Incorrect Answer
      C Contractual Liability Correct Answer Incorrect Answer
      D Convertible Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Liability imposed on an entity by the terms of a contract. As used in insurance, the term refers not to all contractually imposed liability but to the assumption of the other contracting party's liability under specified conditions.

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