Question

if the insured dies during the grace period before the premium is paid, the insurer will: deny the claim pay the claim minus the unpaid premium pay only cash value refund premiums a life insurance policy lapses when: the insured dies cash value reaches zero premiums are not paid by the end of the grace period a loan is taken which statement about irrevocable beneficiaries is true? they can be changed at any time they must consent to policy changes they receive no rights until death

Explanation:

1. For the first question: Insurance contracts specify that if the insured dies during the grace period (a window for late premium payment), the insurer pays the death benefit but subtracts the unpaid premium amount.
2. For the second question: A life insurance policy lapses when the policyholder fails to pay premiums by the end of the grace period; death triggers a claim, a zero cash value is a result of lapse, and a loan does not cause lapse.
3. For the third question: Irrevocable beneficiaries have a legally binding status, so any changes to the policy that affect their benefits require their explicit consent.

Answer:

1. Pay the claim minus the unpaid premium
2. Premiums are not paid by the end of the grace period
3. They must consent to policy changes