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Which of the following riders would allow her to receive cash now? C. The policy will return all premiums if you survive to the end of the policy. After you purchase a life insurance contract, you have a "free look" period that lasts A. B. Table lamp. 46. Call the State Commissioner's Office for your State. the income provider's salary. A. If you switch life insurance policies, you will automatically still be insurable, Annuities are most beneficial for individuals who expect to live only a short time, An investment in an annuity is the same as an investment in a certificate of deposit, Tuitionandfeesreceivable(netofdoubtfulaccountsof$12), Pledgesreceivable(netofdoubtfulaccountsof$280), Property,plan,andequipment(netofaccumulateddepreciationof$104,240), Investments(atfairvalue,costof$162,000), Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. A. Adjustable life B. This next method is for those with just one wage earner in the family. For example, say you have a remaining mortgage of $30,000, a credit card balance of $11,000, and a personal loan of $5,000. An error occurred trying to load this video. A young employee is buying individual life insurance and is worried about the impact inflation will have on his life insurance coverage. Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, determine the minimum amount of life insurance you should carry, the easy method to determine how much life insurance you should carry. A. B. The simplest method for estimating your clients' life insurance needs is the multiple-of-income approach. The maturity benefit is Rs. D. Your policy will have the same premium as other term policies. She has since died. Each earns $45,000 annually. Using the nonworking spouse method, what should be the life insurance needs for a Protect the people who depend on the insured from financial losses caused by his or her death. Before you purchase, be sure to talk to your financial professional about the annuitys features, benefits, and fees and whether the annuity is appropriate for you, based on your financial situation and objectives. D. Life income option. E. It is better to fund an IRA, Keogh, or 401(k) before buying an annuity. This is a method that has you adding half of all your debts plus funeral expenses. Wendy has had a life insurance policy for five years. Your rates will vary based on your unique circumstances, just as they would if you were single. Everyone is impacted by these 5 problems. \end{array} The timing for payments of a variable annuity are variable. Fred bought life insurance when he was 47, although he told the insurance company that he was 42. In this case, 18 years. C. You can convert your term policy to a permanent policy. B. 70. C. Individual retirement accounts (IRAs). Institutional support 28,500. insurance needs for a family whose youngest child is 5 years e. a place in which to keep products until they are needed Your annual income is $60,000. An individual can take out a loan on his or her term policy. In order to have a valid policy, the owner must: To clearly illustrate your insurable interest. One of the most common questions we hear is, Can my non-working spouse qualify for life insurance? The answer is yes! D. The beneficiary can borrow any amount up to the total benefit. Which of the following is NOT a feature of whole life insurance? What percentage of your income should you spend on life insurance? She was recently divorced. Has the option to select any Coverage Option, any Optional In-Built Cover and any Benefit Payout Option at the stage of getting added for coverage under the policy. Riders in Insurance 200 lessons. Easy method C. DINK method D. Family need E. Soccer mom 95. Home Flashcards Chapter 10 Personal Finance. 78. A. C. Pay for a vacation. Variable life C. Universal life D. Adjustable life E. Decreasing term life. It will have a lower coverage amount and a waiting period (usually 2 year). In contrast to the biopsychosocial model, the biomedical model views health as ___________. Collections on Tuition and Fees Receivable totaled$222,600. Whole life B. Life Insurance Underwriting 60. 12-3 What impact do they have on your wealth potential. A. Estimating Your Life Insurance Requirements(continued) The "Nonworking" Spouse Method. Annuity Formula, Calculation & Examples | What is an Annuity? If you want to purchase term insurance, you will receive all of the following except A. We are living in times of uncertainty. About ___ of the U.S. life insurance companies are stock companies. $12,000 B. There are many life circumstances you need to consider, but depending on your circumstances, there are different methods you can use to figure out your life insurance coverage requirement. Watch on to see what they are. insurance needs for a family whose youngest child is 5 years \end{array} Goods & Services Tax will be charged on the premium amount. 67. A. 2.Guaranteed Benefits - Provided all premiums have been paid as and when due and the policy is in-force. Step 1 Non-working spouse method: This method is form of insurance coverage that allows you to s. Fixed Insurance products and services offered through Ash Brokerage or Smallwood Associates, Ltd. Which of the following riders provided an additional benefit for his heirs? You add these numbers together: $10,000 + $50,000 + $95,000 + $800,000 + $400,000 = $1,355,000. Can non-working spouses qualify for a life insurance? The income replacement approach is a method of determining the amount of life insurance you should purchase. Group life C. Limited life D. Universal life E. Variable life, 51. D. 30 days. Canara HSBC Life Insurance Company Limited is only the name of the insurance company and Canara HSBC Life Insurance Invest 4G is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. D. Household with children. $4,000. B. $30,000 B. D. Spend money. They have determined that their annual income is $70,000 and their net worth is now $150,000. Pam just started working at XYZ Widget Company and finally wants to get insurance coverage. This is a very common type of policy taken by homeowners who want to support their children financially. The rule of 70 is a means of estimating the number of years it takes for an investment or your money to double. The rule of 70 is a calculation to determine how many years it'll take for your money to double given a specified rate of return. 59. Sum Assured as chosen by the Working Spouse under the Plan. Further, you estimate that your funeral will cost $6,000. Life Insurance They plan to purchase life insurance using this formula: Current income 7 70%. The return on its investments. Further, making sure that your non-working or part-time working spouse has the maximum amount of coverage based upon your coverage is a fundamental of good planning. the near future. Here are the features of adding a Spouse Cover to your iSelect Smart360 Term Plan: Spouse Cover With the iSelect Smart360 Term Plan. What is the cost of living in California? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. This is a method that has you multiplying your annual gross income by 70% and then multiplying that by 7. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 56. Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. 35. to work after your death. Get unlimited access to over 88,000 lessons. \text{Net assets:}\\ C. Final life payment. Answer: 111, Using the "nonworking" spouse method, what should be the life insurance needs for a nonworking spouse whose youngest child is 5 years old? 1. Using the nonworking spouse method, what should be the life to work after your death. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of$26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of$4,700 ($790 was related to investments restricted for scholarships,$1,610 was related to the permanent endowment, the remainder was related to net assets without donor restrictions). B. Plus, get practice tests, quizzes, and personalized coaching to help you 401(k) plans. If, for example, your account earns 4 percent, divide 72 by 4 to get the number of years it will take for your money to double. B. The policy loan provision means that A. 75. Jeff and Erica have two children. Whole life B. Renewable term C. Convertible term D. Decreasing term E. Multiyear level. Protection against loss of life for a specified term. b. the number of each item you have in stock 68. Which of the following statements is incorrect? Which of the following is NOT a factor that affects the price a company charges for a life insurance policy? Which of the following is NOT a type of permanent life insurance? How long is the grace period for health insurance policies with monthly due premiums? A. Waiver of premium disability benefit B. T&C apply. False. They have determined that their annual income is $70,000 and their net worth is now $150,000. Fixed Annuities are long-term insurance products. The monthly survival benefit mentioned is an example of Life Assured opting for Sum Assured as 1Cr under Life Secure with Income plan option. Megan wants to purchase a life insurance policy that will allow her to invest in stock. Is equipment floater the same as inland marine? It accumulates cash value. Preserved the tax advantage of annuities but curtailed deductions for IRAs. Replacement value is a method for determining what an insurance company will pay you in case your property is stolen or destroyed. Factors That Affect Life Insurance Premiums When calculating an amount, ask yourself what it will cost to hire someone to replace your spouse and perform all the tasks your non-working spouse does throughout the day. A. d. a way of shipping goods to customers 99. 5% B. B. Multiyear level term. You may not purchase insurance once your term ends. Income replacement is one of the main reasons many people, especially those who have loved ones depending on them financially, have life insurance. A. Sum Assured fixed at Rs. E. Cash value life. More thorough because it also considers employer provided insurance, Social Security benefits, and liquid assets. Which of the following households most likely has the greatest need for life insurance? . STEINERCOLLEGEStatementofFinancialPositionJune30,2019(amountsinthousands)\begin{array}{c} \qquad\text{Total net assets}&&\underline{\text{\hspace{5pt}333,940}}\\ 96. To go deeper on the insights from Smallwood Wealth Management, request your FREE COPY of. This website helped me pass! A. Which of the following is NOT important when buying life insurance? $40,000 B. The premium paid in Unit linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Straight life. B. Whole life. False. Use Read this lesson to learn what methods you can use to calculate your requirements. Carton is 0.75 m by 0.6 m by 0.8 m. Most people buy life insurance to A. Another name for temporary life insurance is A. Donald and Charlene are married and do not have any children. - Definition & Examples, Strategies for Effective Consumer Relations, Cross-Selling in Retail: Techniques & Examples, Working Scholars Bringing Tuition-Free College to the Community. 69. Group life C. Limited life D. Universal life E. Variable life, 52. Annuities are often purchased for A. C. Final life payment. Collection of advance premium shall be allowed within the same financial year for the premium due in that financial year However, where the premium due in a financial year is being collected in previous financial year, the premium may be collected for a maximum period of three months in advance of the due date of the premium. This last method is called the family need method. determine the minimum amount of life insurance you should carry. E. The policy requires that you pay a specified premium each year for the rest of your life. C. Identified annuities to be the same as certificates of deposit. A. Adjustable life B. The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020. E. 60 days. What method. The big question is how much term life insurance for the non-working spouse (or stay-at-home parent) you should have. Life insurance policies, even joint policies, are rated based on your age, health conditions and coverage amount. But from a financial perspective, it does not have to be a crisisif you have good planning. \text{Short-term investments}&&\text{7,666}\\ Please consult your independent tax advisor for details. As a member, you'll also get unlimited access to over 88,000 Find the symmetric intervals around the mean of 175mg/dL175 \mathrm{mg} / \mathrm{dL}175mg/dL that respectively include the cholesterol levels of 68.3%,95.4%68.3 \%, 95.4 \%68.3%,95.4%, and 99.7%99.7 \%99.7% of all children. Which of the following is a charge you will pay when you purchase a variable annuity? On occurrence of first death or diagnosis of terminal illness, to either of you, the sum assured on death corresponding to the affected life is paid and the policy continues with life cover for the other life with reduced premium. What is Life Insurance? Student services 37,700 Which of the following riders should he consider? C. The mortality rate it expects among its policy holders. This is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. Stephanie is the wage earner in a "typical family" with $40,000 gross annual income. The process standard deviaton In many cases, the answer is yes. E. A policy whose coverage stops after a period of time. 43. \text{Pledges receivable (net of doubtful accounts of \$280)}&&\text{5,872}\\ Insurance Contract Characteristics | Traits Specific to Insurance Contracts, Future Value Formula & Examples | How to Calculate Future Value. a) A client with amyotrophic lateral sclerosis (ALS) tells the nurse, "Sometimes I feel so frustrated. You have a spouse, two kids, a dog and a mortgage - a typical family. 1. Using Exhibit 12-1, determine the average numbers of additional years males alive at Jeff Willis has five kids and more debt than the, average family. If one should die, they think that funeral expenses would be $12,000. 80. The second is the DINK method. Term insurance C. Whole life insurance D. Variable annuity E. 401(k). is your life insurance need based on the easy method? The companys cost of doing business. How to Buy Life Insurance: Steps & Choices, App. Straight life C. Ordinary life D. Term life E. Cash value life. $196,000 C. $280,000 D. $400,000 E. $430,000, 83. D. Insurer. U ^s1xRpbD#rYNrJC.aeD=U]Sik@X6G[:b4(uH%-+0A?t>vT9. PERSONAL FINANCE TIPS DELIVERED DIRECTLY IN YOUR INBOX, By submitting your name and email you are allowing us to store your personal data and send you emails. Using the nonworking spouse method, what should be the life Expenses incurred resulted in the release of $7,320 in net assets with donor restrictions. Work with our consultant to learn what to alter. Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy, 33. What. What is your life insurance need using the DINK method? Judy and James have a 4-year-old child. D. Decreasing term. \textbf{Liabilities and Net Assets}\\ The college received cash contributions without donor restrictions of$2,080, pledges to be collected in 2021 of $550, and cash contributions to the endowments of$335. You are the wage earner in a typical family, with $55,000 gross annual income. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method. Frank, age 38, was hit by a car and died. If marriage has taken place after the policy commencement date, you can add the Spouse to your policy within one year from the date of the marriage. False. To unlock this lesson you must be a Study.com Member. The most common settlement option for a life insurance program is the lump-sum payment. 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You have to drive them to their after-school activities, preparing meals, keeping the household in order, etc. I would definitely recommend Study.com to my colleagues. Which of the following products allows an individual to receive payments beginning now? A Limited Payment Policy is a while life policy that requires premiums to be paid for a certain period. Which method are they using to determine their life insurance needs? You estimate that funeral expenses will be $5,000. . A. A. The Rule of 72 is a calculation that estimates the number of years it takes to double your money at a specified rate of return. An interest-adjusted index is a method of evaluating the cost of life insurance by taking into account the time value of money, The lower the interest-adjusted index, the lower the cost of a life insurance policy, If you change your mind about your insurance policy, you have 60 days to return it to receive a refund of your premium. A person who is named to receive the benefits from an insurance policy is a(n) A. The goal of this approach is to replace the primary breadwinner's salary for a predetermined number of years. succeed. 40. Lastly, it allows you to keep your future obligations: college, paying off debts, weddings, bar mitzvahs and bat mitzvahs, sweet sixteens, and all the other things that you want to do for your kids. They plan to purchase life insurance using this formula: (18 Youngest childs age) $10,000. Then compute this number as an annual cost and multiply by the approximate number of years you would need those services, say until your children start going to college, or until you retire to take care of the house yourself. C. Your premium will not increase because your policy is renewable. We look forward to speaking with you. It also collected $820 of Pledges Receivable that were unrestricted. Explanation: Generally when there is only one working spouse in a household and you want to get insurance to cover child care needs, you can use the non-working spouse method which is very simple to calculate but will also carry a very low amount. D. You must pay interest on any outstanding policy loans. copyright 2003-2023 Study.com. A. The spouse who has to stay at home, looking after the children, cooking, and supporting the family often has a more tiresome job to do, than the working spouse. Your spouses cover must be useful to pay for childcare expenses and all the help you need around the house. Group life C. Limited life D. Universal life E. Variable life, 50. We want to help you with that. 38. Can someone be denied homeowners insurance? Another name for a straight term policy is A. Renewable term. The maturity benefit is calculated for a 25 years old healthy male life who has opted for Canara HSBC Life Insurance iSelect Guaranteed Future with iAchieve plan option, monthly premium Rs.10,000 (excluding taxes), premium payment term 10 years and policy term 20 years through online sales channel. $10,000 + ($30,000 / 2) + ($11,000 / 2) + ($5,000 / 2) = $10,000 + $15,000 + $5,500 + $2,500 = $33,000. Pay off a mortgage. Purchasing a life insurance policy is a basic and inexpensive task. See Answer Using the DINK method, what should be your need for life insurance? E. Your premium will be higher than a whole life policy premium. B. 4.Tax benefit of Rs. E. Convince you to buy the policy that will pay her the highest commission. Experts are tested by Chegg as specialists in their subject area. Were your family to lose that, you lose all of that labor. This is a very common type of policy taken by homeowners who want to support their children financially. D. A deferred annuity allows an individual to receive payments from a life insurance policy at some future date. 81. Multiply the income . Investment Advisory Services provided by Smallwood Wealth Investment Management, LLC, an SEC registered investment advisor. Net deposits returned to students totaled $10. 3 days. What kind of policy would she want to purchase? For example, say. Such advance premium, if any, paid by the Policyholder shall not carry any interest. The investment risk in investment portfolio is borne by the policyholder. 73. You have a gross annual income of $62,000. GST On Life Insurance 2. The average cost of life insurance is $27 a month. With comprehensive coverage features like accidental benefit, increasing/ decreasing cover and whole life cover, the policy also offers a Spouse cover. When can I switch from original Medicare to an Advantage plan? One of our associate will call you back shortly. fhp>5UN.es r}"n ~c|A1mHNK|i^f>Gk aYT)s7z~fO9~krcVr2@)KTQirUQ!AP+jthG;l!9|R^7|o Earnings Per Share Overview & Formula | How to Calculate EPS, Capital Budgeting Decisions | Examples, Techniques & Analysis, Activity-Based Costing | Formula, Examples & Benefits. Your spouse expects to continue to work after your death. D. Limited payment. 79. This method is called the non-working spouse method. Deferred annuity C. Whole life insurance D. Immediate annuity E. Universal life insurance. It will take your youngest child 15 more years to reach 18. \quad\text{With donor restrictions}&\underline{\text{\hspace{5pt}229,940}}\\ Allison is a "nonworking" spouse who devotes all of her time to household activities. $140,000 B. B. Which of the following allows an individual to receive a fixed amount of income over a certain period of time, or over his or her life? Whether you're married, domestic partners or simply sharing a life with someone you love, taking out a pair of affordable term life insurance policies can provide both financial security and peace of mind. Using the easy Investors in the Scheme are not being offered any guaranteed / assured returns. The rule of 70 and the rule of 72 give rough estimates of the number of years it would take for a certain variable to double. Insurance Need: . Quickly and professionally. Sum Assured fixed at Rs. money elsewhere for a 7 percent annual yield, calculate the net cost of insurance. Limited installment payment. You have to drive them to and from school, oversee homework and music practice. Sum Assured as chosen by the Working Spouse under the Plan. I highly recommend you use this site! $343,000 C. $490,000 D. $700,000 E. $750,000, 86. Securities offered through Purshe Kaplan Sterling Investments, MemberFINRA/SIPCHeadquartered at 80 State Street, Albany, NY 12207. NOT INSURED BY ANY STATE OR FEDERAL AGENCY. C. It is better to fund a variable annuity before fully funding your IRA, Keogh, or 401(k). C. 10 days. 39. And a term insurance cover for house makers, non-working spouses, or say a housewife, proves helpful exactly here, ensuring your family tides over the financial damages in case something unfortunate happens. There's no one-size-fits-all answer to this because every family is different, but a 15- to 20-year policy between $250,000400,000 is a general rule. 74. This method is used only to calculate child care needs, not the total financial needs of the family. She, wants to determine her insurance needs. The first method is called the easy method. She does not want to take a medical exam to get coverage because she has some underlying health conditions and is concerned that she might not qualify for a policy. D. Allowed annuities to be purchased for individual retirement accounts. The "Family Need" method of estimating life insurance includes factors such as Social Security and liquid assets, Mutual life insurance companies specialize in the sale of nonparticipating policies, Another name for straight term is renewable return-of-premium term, Decreasing term pays less to the beneficiary as time passes, Return-of-Premium term pays out all premiums plus interest to a beneficiary.
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