1. What is a beneficiary? A contingent beneficiary? Explain why it’s essential to designate a beneficiary for your policy. 2. Explain the basic settlement options available for the payment of life...

1. What is a beneficiary? A contingent beneficiary? Explain why it’s essential to designate a beneficiary for your policy.

2. Explain the basic settlement options available for the payment of life insurance proceeds upon a person’s death.

3. What do nonforfeiture options accomplish? Differentiate between paid-up insurance and extended term insurance.