The correct answer is: B. Life Insurance Company will return the entire premium under free look provisions.
Free look is a provision in a life insurance policy that allows the policyholder to cancel the policy within a certain period of time, usually 10-30 days, and receive a full refund of the premium paid. However, this does not mean that the entire premium will be returned. The insurer may deduct a small amount to cover administrative costs.
Money laundering is an illegal practice of bringing money into a nation’s economy by hiding its source and the true identity of the person involved. It is often used to finance criminal activities such as drug trafficking, terrorism, and corruption.
Moral hazard is a risk that arises when an insured person takes more risks because they are insured. For example, a person who is insured against fire may be more likely to leave their stove on unattended, because they know that they will be compensated if their house burns down.
Standard and non-standard age proofs are documents that can be used to prove a person’s age. Standard age proofs include birth certificates, passports, and driver’s licenses. Non-standard age proofs include school records, medical records, and religious records.
I hope this explanation is helpful. Please let me know if you have any other questions.