[amp_mcq option1=”A minor is not eligible for insurance” option2=”Proposal on the life of a minor can be submitted by his parent or guardian after the need for insurance is established” option3=”A minor has no insurable interest in his life and therefore, is ineligible for insurance” option4=”Proposal on a minor life can be submitted by anyone” correct=”option2″]<\/p>\n
The correct answer is: B. Proposal on the life of a minor can be submitted by his parent or guardian after the need for insurance is established.<\/strong><\/p>\n A minor is a person who is under the age of majority, which is typically 18 years old. In most jurisdictions, minors are not considered to be able to enter into contracts, including insurance contracts. However, a minor’s parent or guardian may be able to purchase insurance on the minor’s life. In order to do so, the parent or guardian must establish that there is a need for insurance, such as the need to provide financial support for the minor in the event of the minor’s death.<\/p>\n Option A is incorrect because minors are eligible for insurance in some cases, such as when the insurance is purchased by a parent or guardian.<\/p>\n Option C is incorrect because minors do have insurable interest in their own lives. Insurable interest is a legal concept that requires a person to have a financial interest in the life of another person in order to purchase insurance on that person’s life. Minors have a financial interest in their own lives because they would suffer financial loss if they died.<\/p>\n Option D is incorrect because only a minor’s parent or guardian can submit a proposal for insurance on the minor’s life.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”A minor is not eligible for insurance” option2=”Proposal on the life of a minor can be submitted by his parent or guardian after the need for insurance is established” option3=”A minor has no insurable interest in his life and therefore, is ineligible for insurance” option4=”Proposal on a minor life can be submitted by anyone” … <\/p>\n