Question

javier has diabetes, which qualification would he most likely fall under?
preferred
standard
substandard
average
two business partners own life insurance on each other. if one partner dies which contract will allow the surviving partner to use the death benefit to purchase the deceaseds business interest?
buy - sell agreement
key employee life insurance
survivorship life insurance
joint and survivorship annuity
a contract in which participation parties exchange unequal amounts is an
unilateral contract
aleatory contract
utmost good faith
unequal contract

Explanation:

1. For insurance risk classification, individuals with chronic conditions like diabetes have higher risk, placing them in the substandard category.
2. A buy-sell agreement is specifically designed to let surviving business partners use life insurance death benefits to buy the deceased's business stake.
3. An aleatory contract is defined as an agreement where parties exchange unequal values, common in insurance policies.

Answer:

1. Substandard
2. Buy-sell agreement
3. Aleatory Contract