Reference no: EM133353205

In order for a statement to be true, all parts of the statement must be true and if any part of the statement is false, the answer is false.

1. A life insurance policy is a "chose in possession".

2. A debtor who assigns a life contract to a bank as loan security transfers certain rights held under the policy including the right to change the policy beneficiary.

3. Community property includes any property acquired by spouses during their marriage but excludes property acquired through gift, will or inheritance.

4. Insurance policies applied for and issued before a marriage are considered separate property under the law of community property.

5. If a beneficiary kills an insured in self-defense, it may still be possible for the beneficiary to collect the proceeds from the policy.

6. A policyowner of a life contract must have an identifiable insurable interest in the life of an insured otherwise the policy may not be valid.

7. An irrevocable beneficiary has a vested right in a life insurance contract.