QQuestionAccounting
QuestionAccounting
All of these statements concerning Settlement Options are true EXCEPT:
Only the beneficiary may select
Settlement options may be selected by the policy-owner
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Answer
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Step 1I'll solve this problem step by step, focusing on the settlement options in life insurance.
Step 2: Understand Settlement Options
Settlement options are the various ways a life insurance beneficiary can receive the death benefit proceeds. These options provide flexibility in how and when the proceeds are paid out.
Final Answer
In reality, settlement options are typically selected by the policy owner when establishing the life insurance policy, not exclusively by the beneficiary after the insured's death.
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