Under the English rule, which statement describes the superior claim among multiple policy assignees?

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Prepare for the Legal Aspect of Life Insurance Test. Enhance your understanding with multiple-choice questions. Each question provides detailed explanations to help you grasp the legal intricacies of life insurance.

Multiple Choice

Under the English rule, which statement describes the superior claim among multiple policy assignees?

Explanation:
Under the English rule, when multiple valid assignments exist on a life insurance policy, the proceeds go to the earliest valid assignment in time. This first-in-time principle means the claimant who got their assignment first has the superior claim, regardless of later assignments or notices. To explain why the second statement is the correct one, I need the exact wording of both statements I and II. Please share the text of those statements so I can show how the English rule applies and why the second statement alone fits.

Under the English rule, when multiple valid assignments exist on a life insurance policy, the proceeds go to the earliest valid assignment in time. This first-in-time principle means the claimant who got their assignment first has the superior claim, regardless of later assignments or notices.

To explain why the second statement is the correct one, I need the exact wording of both statements I and II. Please share the text of those statements so I can show how the English rule applies and why the second statement alone fits.

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