Why is it difficult for many people to buy life insurance even though they need it...
Why is it difficult for many people to buy life insurance even though they need it to protect loved ones?
What is term insurance? What factors determine the premium for term insurance? What is decreasing-term insurance?
What is mortgage life insurance? Is mortgage life insurance a good buy? Why or why not?
Term Insurance Premiums. What are some factors that affect term life insurance premiums?
Policy Clauses. Describe the nonforfeiture and loan clauses of whole life insurance policies.
Homework Answers
Answer 1 - The life insurance gives the cover for the damages caused by the death of the related person. The life insurance requires the payment of the premium which is to be paid at the regular intervals . This can be monthly or quanterly as per the terms of the insurance. Most of the people want to secure the life of their children and take the life insurance but the insurance requires the payment of the premiums and if it does not happen regularly , the policy may lapse. Because of this , many people hesitate to take the insurance policies.
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Why is it difficult for many people to buy life
insurance even though they need it...
describe the nonforfeiture and loan clauses of whole life insurance policies is mortgage life insurance a...
describe the nonforfeiture and loan clauses of whole life insurance policies is mortgage life insurance a good buy? why or why not?
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...
17. Which type of term life insurance is most commonly used by people with mortgages increasing...
17. Which type of term life insurance is most commonly used by people with mortgages increasing term b. level term C. decreasing term d. straight term whole term 18. Which Which one of the following most accurately describes the taxability of life insurance? a. death benefits are income-tax-free to the beneficiary b. annual increases in cash value are tax deductible c. death benefits are always estate-tax-free d. premiums are tax deductible e. none of the above are true 19. Frankie...
Even though the amount people pay for insurance is higher than its expected value, they buy...
Even though the amount people pay for insurance is higher than its expected value, they buy insurance because: most people are risk-loving enough to find insurance worth the extra expense. most people are risk-averse enough to find insurance worth the extra expense. few people are risk-averse enough to find insurance worth the extra expense. most people are not risk-averse enough to find insurance worth the extra expense.
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
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies....
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. The insurance company knows that, last year, the life expectancy of its policy holders was 77 years. They want to know if their clients this year have a longer life expectancy, on average, so the company randomly samples some of the recently paid policies to see if the mean life expectancy of policy holders has increased. The insurance company will only change their premium...
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies....
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. Life expectancy is a statistical measure of average time a person is expected to live, based on a number of demographic factors. Mathematically, life expectancy is the mean number of years of life remaining at a given age, assuming age-specific mortality rates remain at their most recently measured levels. Last year the average life expectancy of all the Life Insurance policyholders in Ontario...
What types Of marketing messages should each of the three life insurance companies design to reach...
What types Of marketing messages should each of the three life
insurance companies design to reach consurners such as John and
Sandy. for either the information search. evaluation of
alternatives. or both Stages Of the buying decision marking
process?
ohn Mulvaney just reached an important milestone in his life-birth of his first child. After seven years as a DINK (dual income-no kids) family, he and his wife Sandy decided it was time add a new member. At that point the...
what kind details 3. Recommend in years) for followi amount. a type of life insurance (including...
what kind details
3. Recommend in years) for followi amount. a type of life insurance (including the dollar amount and length of the policy r the following people. Be sure to EXPLAIN how you came up with the SSS 7. She A) Sue is 26 years old, a single mom with two children, Jake age 5 and Grace- age currently makes $45,000 a year as a registered nurse. She has $9,000 in an emergency owns her 1994 Nissan Altima, has...
Life Insurance Needs Analysis Case Your friend John asks you for advice concerning life insurance. John...
Life Insurance Needs Analysis Case Your friend John asks you for advice concerning life insurance. John is 26 years old and graduated from law school last year. He currently earns $43,000 per year. John’s wife, Mary, is a graphics designer who currently earns $51,500 per year. Mary is 28 years old. The couple have three children: Billy, age 2, Cindy, age 4, and Sally, age 6. John and Mary pay $1,075 per month for their home mortgage, which will be...
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...
17. Which type of term life insurance is most commonly used by people with mortgages increasing term b. level term C. decreasing term d. straight term whole term 18. Which Which one of the following most accurately describes the taxability of life insurance? a. death benefits are income-tax-free to the beneficiary b. annual increases in cash value are tax deductible c. death benefits are always estate-tax-free d. premiums are tax deductible e. none of the above are true 19. Frankie...
Even though the amount people pay for insurance is higher than its expected value, they buy insurance because: most people are risk-loving enough to find insurance worth the extra expense. most people are risk-averse enough to find insurance worth the extra expense. few people are risk-averse enough to find insurance worth the extra expense. most people are not risk-averse enough to find insurance worth the extra expense.
What types Of marketing messages should each of the three life
insurance companies design to reach consurners such as John and
Sandy. for either the information search. evaluation of
alternatives. or both Stages Of the buying decision marking
process?
ohn Mulvaney just reached an important milestone in his life-birth of his first child. After seven years as a DINK (dual income-no kids) family, he and his wife Sandy decided it was time add a new member. At that point the...
what kind details
3. Recommend in years) for followi amount. a type of life insurance (including the dollar amount and length of the policy r the following people. Be sure to EXPLAIN how you came up with the SSS 7. She A) Sue is 26 years old, a single mom with two children, Jake age 5 and Grace- age currently makes $45,000 a year as a registered nurse. She has $9,000 in an emergency owns her 1994 Nissan Altima, has...
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