Willa purchases a 5-year $50,000 level term policy with an option to renew. Which of the following statements about the policy’s renewability is CORRECT?

Insurance

Are you looking for the correct answer to the question “Willa purchases a 5-year $50,000 level term policy with an option to renew. Which of the following statements about the policy’s renewability is CORRECT?”? If that’s the case, you don’t have to worry anymore. Azanswer team is here with the right answer to your question. Please check below to know the answer.

Willa purchases a 5-year $50,000 level term policy with an option to renew. Which of the following statements about the policy’s renewability is CORRECT?

A) The premium for the renewal period will be the same as the initial period, but a onetime service charge will be assessed upon renewal.

B) The premium for the renewal period will be lower than the initial period.

C) The premium for the renewal period will be the same as the initial period.

D) The premium for the renewal period will be higher than the initial period.

Answer: The premium for the renewal period will be higher than the initial period.

The above question Willa purchases a 5-year $50,000 level term policy with an option to renew. Which of the following statements about the policy’s renewability is CORRECT?, Was part of Insurance MCQs & Answers. I hope you got the correct answer to your question. Have a great time ahead.