![28. If your insurance policy promises to pay death benefits only if you die during a specified time, you have [term l whole]](http://img.homeworklib.com/images/9b35306d-d24c-4c79-ad88-b6dbeaf14bc5.png?x-oss-process=image/resize,w_560)
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Anwer term
If your insurance policy promises to pay death benefits only if you die during a specific time, you have term life insurance.
Term life insurance is a benefit which is given to the beneficiary upon the death of the insured within a specific time period and itis the least expensive of all the life insurances.
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28. If your insurance policy promises to pay death benefits only if you die during a specified time, you have [term l whole] life insurance. 28. If your insurance policy promises to pay deat...
08: Assignment - Insuring Your Life 6. Understanding whole life insurance Suppose you are a life...
08: Assignment - Insuring Your Life 6. Understanding whole life insurance Suppose you are a life insurance broker with a client who is interested in buying a whole life insurance policy. You explain to him the three major types of whole life insurance: continuous premium, also known as limited payment, and single premium. Your client is a 33-year- old man and a father of four who is looking for the policy that provides the most permanent death protection for a...
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...
Question 8 (10 points) A term life insurance policy will pay a beneficiary a certain sum...
Question 8 (10 points) A term life insurance policy will pay a beneficiary a certain sum of money upon the death of the policy holder. These policies have premiums that must be paid annually. Suppose a life insurance company sells a $230,000 one year term life insurance policy to a 49-year-old female for $527. According to the National Vital Statistics Report, Vol. 47, No. 28, the probability the female will survive the year is 0.99791. Compute the expected value of...
Walter owns a whole-life insurance policy worth $60,100 that directs the insurance company to pay the...
Walter owns a whole-life insurance policy worth $60,100 that directs the insurance company to pay the beneficiary $335,000 on Walter’s death. Walter pays the annual premiums and has the power to designate the beneficiary of the policy (it is currently his son, James). What value of the policy, if any, will be included in Walter’s estate upon his death? Value of Policy:
Question 4 A person, age 80, purchases a whole life insurance policy of 100,000. You are...
Question 4 A person, age 80, purchases a whole life insurance policy of 100,000. You are given: (i) The policy is priced with a select period of one year. (ii) The select mortality rate equals 80% of the mortality rate from the Standard Ul- timate Life Table. (ii) Ultimate mortality follows the Standard Ultimate Life Table. (iv) i = 0.05 Calculate the actuarial present value of the death benefits for this insurance. (Answer: 59,050.81)
104 Life Insurance-Term and Other The main purpose of life insurance is to provide financial protection...
104 Life Insurance-Term and Other The main purpose of life insurance is to provide financial protection for your dependents in case of your death. You may purchase term life insurance, whole life insurance, limited payment life insurance, of endowment life insurance. ANNUAL PREMIUM - NUMBER OF UNITS PURCHASED X PREMIUM PER $1000 Use the tables below to answer the problems. ANNUAL PREMIUM PER $1000 OF LIFE INSURANCE: 5-YR TERM Age 18 20 25 30 35 45 55 65 Male $...
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...
What type of Life insurance such as term, whole life, variable, etc. would you recommend for...
What type of Life insurance such as term, whole life, variable, etc. would you recommend for each of these clients and why? Be sure to explain how each policy works and why it is right for them. A middle aged couple (60 and 61) with an adult kid (37) and an elderly father that has moving in with them cause he is struggling to take care of himself (age 81). The husband and wife each earn $60,000 and get a...
Question 37 remaining letter. D) If a departing employee elects to convert a lofe insurance policy,...
Question 37 remaining letter.
D) If a departing employee elects to convert a lofe insurance
policy, the insurer must offer term insurance as one of the
choices.
34 If an insured commits suicide after the suicide clause in the insured's life insurance policy has expired, the insurer will take which of the following actions? a) Refuse to pay the death benefit or refund any premiums b) Refund only the premiums paid c) Refund the premiums paid plus interest d) Pay...
If you were to obtain life insurance would you look to obtain a whole life or...
If you were to obtain life insurance would you look to obtain a whole life or term policy? Describe each policy, discuss and defend your position. In order to get full points you must answer each element of the question.
08: Assignment - Insuring Your Life 6. Understanding whole life insurance Suppose you are a life insurance broker with a client who is interested in buying a whole life insurance policy. You explain to him the three major types of whole life insurance: continuous premium, also known as limited payment, and single premium. Your client is a 33-year- old man and a father of four who is looking for the policy that provides the most permanent death protection for a...
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...
Question 8 (10 points) A term life insurance policy will pay a beneficiary a certain sum of money upon the death of the policy holder. These policies have premiums that must be paid annually. Suppose a life insurance company sells a $230,000 one year term life insurance policy to a 49-year-old female for $527. According to the National Vital Statistics Report, Vol. 47, No. 28, the probability the female will survive the year is 0.99791. Compute the expected value of...
Question 4 A person, age 80, purchases a whole life insurance policy of 100,000. You are given: (i) The policy is priced with a select period of one year. (ii) The select mortality rate equals 80% of the mortality rate from the Standard Ul- timate Life Table. (ii) Ultimate mortality follows the Standard Ultimate Life Table. (iv) i = 0.05 Calculate the actuarial present value of the death benefits for this insurance. (Answer: 59,050.81)
104 Life Insurance-Term and Other The main purpose of life insurance is to provide financial protection for your dependents in case of your death. You may purchase term life insurance, whole life insurance, limited payment life insurance, of endowment life insurance. ANNUAL PREMIUM - NUMBER OF UNITS PURCHASED X PREMIUM PER $1000 Use the tables below to answer the problems. ANNUAL PREMIUM PER $1000 OF LIFE INSURANCE: 5-YR TERM Age 18 20 25 30 35 45 55 65 Male $...
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...
Question 37 remaining letter.
D) If a departing employee elects to convert a lofe insurance
policy, the insurer must offer term insurance as one of the
choices.
34 If an insured commits suicide after the suicide clause in the insured's life insurance policy has expired, the insurer will take which of the following actions? a) Refuse to pay the death benefit or refund any premiums b) Refund only the premiums paid c) Refund the premiums paid plus interest d) Pay...
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