Asked by
Haley Skiados
on Nov 20, 2024Verified
Prophet's parents bought insurance that provides a specific sum of money upon their deaths to Prophet. Prophet is considered a(n) ________
A) payee
B) consumer
C) profit sharer
D) designated beneficiary
E) annuity payee
Designated Beneficiary
A person named in a legal document who is authorized to receive benefits or assets upon the death of the owner or holder of the document.
Specific Sum
A precise amount of money defined and agreed upon in a contractual or legal context.
- Comprehend the principle of naming beneficiaries in insurance agreements and the rationale behind their selection.
Verified Answer
AB
Learning Objectives
- Comprehend the principle of naming beneficiaries in insurance agreements and the rationale behind their selection.
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