Homework Answers
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correct answer is option b. Participating.
Participating insurance policy pays the dividend out of the profit of the organisation. Note these amount are not guranted its based on the overall performance of the insurance company. Answer is option b. Participating.
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15. If a life insurance policy pays dividends, it is said to be a. universal life...
16) Beth purchased a participating life insurance policy 15 years ago. Her life insurance needs have...
16) Beth purchased a participating life insurance policy 15 years ago. Her life insurance needs have decreased dramatically since she purchased the policy. Beth's job situation has become uncertain and she no longer wants to continue to make premium payments on her whole life policy. Which non-forfeiture option makes sense for Beth to use? A) extended term option B) interest only option C) reduced paid up option D) paid-up additions
Understanding universal life insurance Universal life insurance combines elements from term and whole life insurance. Term...
Understanding universal life insurance Universal life insurance combines elements from term and whole life insurance. Term policies provide a death benefit _______ savings component, whole life policies provide a death benefit _______ savings component, and universal policies provide a death benefit _______ savings component. To understand how universal premiums are allocated, consider the following example. Kathy is a 37-year-old lawyer who has taken out a universal life insurance policy to protect her two children (ages 8 and 6) in the...
What would be tempting to have people buy a universal life insurance policy? Who would do...
What would be tempting to have people buy a universal life insurance policy? Who would do that? If you withdraw cash from the premium paid, does that decrease the length of the policy
Compare term life to universal life and to variable life insurance in terms of (a) death...
Compare term life to universal life and to variable life insurance in terms of (a) death benefits Compare term life to universal life and to variable life insurance in terms of cash value Compare term life to universal life and to variable life insurance in terms of premium. 4. Compare term life to universal life and to variable life insurance in terms of policy loans.
Susan is a 42-year-old lawyer who has taken out a universal life insurance policy to protect...
Susan is a 42-year-old lawyer who has taken out a universal life insurance policy to protect her two children (ages 13 and 10) in the event of her death. Each year, Susan chooses how much she would like to contribute to the policy, as shown by the first row of the table below. The insurance company subtracts from this an administrative fee along with the cost of the death benefit (the into the cash value (or pure insurance portion of...
Derek purchased another life insurance policy covering his wife's life. The death benefit is $800,000, and...
Derek purchased another life insurance policy covering his wife's life. The death benefit is $800,000, and he pays a monthly payment of $200 to the insurance company. What is the annual premium of this policy? A. $2,400 B. $24,000 C. $6,667 D. $66,667
30. John takes out a life insurance policy on his life naming his wife, Mary, as...
30. John takes out a life insurance policy on his life naming his wife, Mary, as the beneficiary, in the amount of $100,000. On John's death, Mary is paid $100,000 by the insurance company. Mary's taxable income from th receipt of the life insurance proceeds is: a. $100,000 b. $0 c. $100,000 reduced by the total of the premiums John had paid during his life d. 1/2 of the amount received (i.e., $50,000) 31. On November 15, 2018, X Corp.,...
Which of the following statements about life insurance policy loans is false?
Which of the following statements about life insurance policy loans is false?A) Loans are only permitted for specific reasons listed in the policy.B) Policy loans may be used to cover premiums using the automatic policy loan provision.C) The policyholder is required to pay interest on a life insurance policy loan.D) Any loan balance remaining at the time of the insured death is deducted from the life insurance proceeds paid to the beneficiary.
A 28-year-old man pays $100 for a one-year life insurance policy with coverage of $200,000. If...
A 28-year-old man pays $100 for a one-year life insurance policy with coverage of $200,000. If the probability that he will live through the year is 0.9997, what is the expected value for the insurance policy?
A 28-year-old man pays $223 for a one-year life insurance policy with coverage of $60,000. If...
A 28-year-old man pays $223 for a one-year life insurance policy with coverage of $60,000. If the probability that he will live through the year is 0.9993, what is the expected value for the insurance policy?
16) Beth purchased a participating life insurance policy 15 years ago. Her life insurance needs have decreased dramatically since she purchased the policy. Beth's job situation has become uncertain and she no longer wants to continue to make premium payments on her whole life policy. Which non-forfeiture option makes sense for Beth to use? A) extended term option B) interest only option C) reduced paid up option D) paid-up additions
Understanding universal life insurance Universal life insurance combines elements from term and whole life insurance. Term policies provide a death benefit _______ savings component, whole life policies provide a death benefit _______ savings component, and universal policies provide a death benefit _______ savings component. To understand how universal premiums are allocated, consider the following example. Kathy is a 37-year-old lawyer who has taken out a universal life insurance policy to protect her two children (ages 8 and 6) in the...
Susan is a 42-year-old lawyer who has taken out a universal life insurance policy to protect her two children (ages 13 and 10) in the event of her death. Each year, Susan chooses how much she would like to contribute to the policy, as shown by the first row of the table below. The insurance company subtracts from this an administrative fee along with the cost of the death benefit (the into the cash value (or pure insurance portion of...
30. John takes out a life insurance policy on his life naming his wife, Mary, as the beneficiary, in the amount of $100,000. On John's death, Mary is paid $100,000 by the insurance company. Mary's taxable income from th receipt of the life insurance proceeds is: a. $100,000 b. $0 c. $100,000 reduced by the total of the premiums John had paid during his life d. 1/2 of the amount received (i.e., $50,000) 31. On November 15, 2018, X Corp.,...
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