A deferred annuity allows an individual to receive payments from a life insurance policy immediately. Suppose you are 45 and have a $50,000 face amount, 15-year, limited-payment, It equals the cost of replacing the property. Benefits of Life Insurance Single adult living alone. A. We look forward to speaking with you. You can take out a life insurance policy on your spouse if you have an insurable interest. The return on its investments. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 57. You can convert your policy from permanent to term at any time. You policy will continue for one year. Now, you take this number and subtract your available assets from this number. Under this method, the original principal that you save will still remain at the end of the income period. $86,000 C. $98,000 D. $172,000 E. $217,000. Of the following, which one is the most positive feature of whole life insurance? Institutional support 28,500. C. It is more expensive than term insurance. D. Decreasing term. Which method are they using to determine their life insurance needs? The Policy Term, Premium Payment Term and the premium payment mode remains the same for the Spouse, as yours. Your annual income is $60,000. Variety of Fund Options and Portfolio Management Strategies, Loyalty Additions + Wealth Boosters + Return of Mortality Charges, Optional In-built covers to enhance coverage, Policy Term of 1 year or less than 1 year. All rights reserved. A. T&C apply. insurance needs for a family whose youngest child is 5 years $50,000 C. $80,000 D. $100,000 E. $180,000 B. STEINERCOLLEGEStatementofFinancialPositionJune30,2019(amountsinthousands)\begin{array}{c} D. Your premium will not increase when you renew it. Besides getting money into the family, the non-working spouse holds a responsibility for everything that doesnt offer bonus, perks, and promotions. Judy and James have a 4-year-old child. C. Final life payment. Which of the following statements is correct? This website helped me pass! The companys cost of doing business. It accumulates cash value. a) A client with amyotrophic lateral sclerosis (ALS) tells the nurse, "Sometimes I feel so frustrated. I highly recommend you use this site! Using the "Nonworking" Spouse Method to Determine Life Insurance Needs. This communication strictly intended for individuals residing in the states of CA, CO, CT, DC, DE, FL, GA, IL, LA, MA, ME, NC, NH, NJ, NM, NY, OH, PA, RI, SC, TX, UT, VA. No offers may be made or accepted from any resident outside these states due to various regulations and registration requirements regarding investment products and services. Continuing a mini-series on life insurance, he discusses life insurance for spouse (who does not work or who works part-time). It will take your youngest child 15 more years to reach 18. This method is called the non-working spouse method. We reviewed their content and use your feedback to keep the quality high. NOT INSURED BY ANY STATE OR FEDERAL AGENCY. . The process standard deviaton In other words, you will have to show why you want to insure the individual. Do both you and your spouse need life insurance? What happens if you don't pay your health insurance deductible? Here are the features of adding a Spouse Cover to your iSelect Smart360 Term Plan: Spouse Cover With the iSelect Smart360 Term Plan. C. Your premium will be the same for the duration of your policy. Insurance Need: . Agency Problem in Finance Overview, Duties & Examples | What is the Agency Problem? True The "Family Need" method of estimating life insurance includes factors such as Social Security and liquid assets False Mutual life insurance companies specialize in the sale of nonparticipating policies False For a non-Working Spouse. Pay off a mortgage. 24. A. Adjustable life B. Multiply the income . Determine an estimated regression equation that can be used to predict the overall score given the score for Shore Excursions. You and your spouse have the following debts: Using the nonworking spouse method, what should be the life insurance needs for a 4.Tax benefit of Rs. 99. With comprehensive coverage features like accidental benefit, increasing/ decreasing cover and whole life cover, the policy also offers a Spouse cover. False. Now, if it's just you and your spouse, you can use the DINK method. 46. When you're ready to purchase life insurance, you'll need to decide what coverage amount you need so that all your financial obligations and needs are met upon your death. Whole life B. Renewable term C. Convertible term D. Decreasing term E. Multiyear level. 68. Life insurance companies pay out the proceeds when the insured dies and the beneficiary of the policy files a life insurance claim. Most participating policies are sold by: 102. Group life C. Limited life D. Universal life E. Variable life, 49. was specifically designed for someone in her situation? Life Insurance 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? Georgia was supposed to pay her premium by the 15th of the month. Welcome to the Wealth Curve Talk Podcast. E. It is permanent life insurance. Securities offered through Purshe Kaplan Sterling Investments, MemberFINRA/SIPCHeadquartered at 80 State Street, Albany, NY 12207. C. Policyholder. A. 42. Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy. TERMS OF SERVICE For more details on risk factors, terms and conditions please read the Sales Brochure carefully before concluding a sale. A. Which of the following statements is incorrect? Collect premiums for the insurance contract. Marianne and Roger are in good health and have reasonably secure careers. Unit linked Insurance products are different from the traditional insurance products and are subject to the risk factors. D. It builds cash value. One such cover by Canara HSBC Life Insurance Company is the iSelect Smart360 Term Plan. 'QP2?^03dw 6x ;!;RTkz}Sc;)iI She, wants to determine her insurance needs. With the right term insurance policy in place, stay prepared for any adversity. 93. In most cases in India, the non-working spouse is a woman and it may be unimaginable to account for the financial implications in case of their absence, keep aside the emotional damage. Using the DINK method, what should be your need for life insurance? 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. 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. Premium payments are fixed with a Variable Life Policy, The beneficiaries of someone who dies by suicide will never be eligible to receive any benefits from his or her life insurance policy. insurance needs using the DINK method. Fred bought life insurance five years ago. Which of the following policies should she buy? A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period. E. All of these. B. The settlement option that pays the life insurance proceeds in equal periodic payments for a specified number of years after your death is called A. Lump-sum payment. The first method is called the easy method. Factors That Affect Life Insurance Premiums E. The policy requires that you pay a specified premium each year for the rest of your life. Which method are they using to determine their life insurance needs? Under the Multiple of Income method of estimating, life insurance needs, what important factor is excluded, 98. Buying from professionally qualified representatives C. Ignoring the reputations of local agencies D. Working with a representative who will help you select the proper kind of protection within your financial boundaries E. Asking family or friends for recommendations to choose an insurance company. Jeff Willis has five kids and more debt than the, average family. Which of the following provisions will affect the amount of money his beneficiaries will receive? Yes! Steiner Colleges statement of financial position for the year ended June 30, 2019, is presented here. U ^s1xRpbD#rYNrJC.aeD=U]Sik@X6G[:b4(uH%-+0A?t>vT9. Can non-working spouses qualify for a life insurance? Carton is 0.75 m by 0.6 m by 0.8 m. Term insurance B. nonworking spouse whose youngest child is 5 years old? The provisions of Income Tax Act, 1961 are subject to amendments made by the government from time to time. E. It is better to fund an IRA, Keogh, or 401(k) before buying an annuity. 70. E. Independently wealthy adult. . age 35 may expect to live. When can I switch from original Medicare to an Advantage plan? What kind of policy is he planning to purchase? Mildred was diagnosed with terminal cancer and knows that she doesnt have long to live. The DINK method has you adding half of all your debts to your funeral expenses. Certificates of deposit. \textbf{Assets}\\ D. Her parents. True. Trade Logo of Canara HSBC Life Insurance Company Limited (formerly known as Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd) hereinafter referred to as "Insurer" is used under license with Canara Bank and HSBC Group Management Services Limited. Which of the following policies would meet her needs? So with funeral expenses of $10,000, your life insurance requirement is: This next method is for those with just one wage earner in the family. For example, if your gross income is $65,000, then with the easy method, your life insurance requirement is ($65,000 0.7) 7 = $318,500. Estimate how much life insurance Tim and Allison should carry to cover Allison. The maturity benefit is Rs. Sum Assured as chosen by the Working Spouse under the Plan. In many cases, the answer is yes. Money Market | Graph, Demand Curve & Model, Rate of Return Formula & Examples| How to Calculate the Rate of Return, Bank Liabilities & Assets | Overview, Differences & Examples, How to Choose a Career: Guidance Counseling, Principles of Macroeconomics: Certificate Program, Principles of Microeconomics Syllabus Resource & Lesson Plans, AEPA Economics (AZ035): Practice & Study Guide, Holt McDougal Economics - Concepts and Choices: Online Textbook Help, DSST Personal Finance: Study Guide & Test Prep, Hawaii Real Estate Salesperson Exam: Study Guide & Practice, CPA Subtest III - Financial Accounting & Reporting (FAR): Study Guide & Practice, Glencoe Earth Science: Online Textbook Help, Holt McDougal Algebra 2: Online Textbook Help, McDougal Littell Algebra 2: Online Textbook Help, Create an account to start this course today. 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. A. Likewise, when using the rule of 72, the number 72 is used in the calculation. Holding Period Return (HPR) Formula & Examples | What is HPR? A. You must pay interest on any loans. The policy terminates only after the sum assured on death or diagnosis of Terminal Illness of the second life, or on maturity of the policy term, thereafter. Insurance Need: ? C. Temporary insurance. Using the "Nonworking" Spouse Method to Determine Life Insurance Needs. Ask a Family Member's Financial Advisor. The policy loan provision means that A. E. None of these is correct. \text{Property, plan, and equipment (net of accumulated depreciation of \$104,240)}&&\text{281,404}\\ She has since died. More thorough because it also considers employer provided insurance, Social Security benefits, and liquid assets. If you are new to Smallwood Wealth schedule a Wealth Curve Conversation. Cash value. Whole life B. The Wealth Curve Talk with John L. Smallwood. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 61. Allison is a "nonworking" spouse who devotes all of her time to household activities. Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy, 34. 79. A. B. A. The sooner a person is likely to die, the lower the premiums he or she will pay, Life expectancy for men is longer than that for women. 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. An immediate annuity allows an individual to receive payments from an annuity beginning at once. Can you get life insurance on a spouse? Which of the following provisions should she take action on? C. It is better to fund a variable annuity before fully funding your IRA, Keogh, or 401(k). D. You can convert your policy to a permanent type at the end of the term. The rule of 70 is a means of estimating the number of years it takes for an investment or your money to double. Create your account, 18 chapters | You have a spouse, two kids, a dog and a mortgage - a typical family. is your life insurance need based on the easy method? Stephanie is the wage earner in a "typical family" with $40,000 gross annual income. So your life insurance requirement is 15 $10,000 = $150,000. D. Help you select the proper kind of protection within your financial boundaries. \quad\text{With donor restrictions}&\underline{\text{\hspace{5pt}229,940}}\\ C. Final life payment. It is better to fund a fixed annuity before fully funding your IRA, Keogh, or 401(k). For example, your life insurance coverage amount will need to pay for funeral expenses, any outstanding debts, any remaining mortgage, and maybe even future financial support for a spouse or children. When assessing a client with partial-thickness burns over 60% of the body, which finding should the nurse report immediately? C. The mortality rate it expects among its policy holders. Experts are tested by Chegg as specialists in their subject area. Is life insurance for married couples cheaper? Your annual premium is $1,000. 36. b. the number of each item you have in stock The insurer may tell you, or it may ask you to submit a form reporting the death. For example, say your immediate needs upon death are $10,000 for funeral expenses, $50,000 for emergencies, and $95,000 for mortgage, credit card, and college loans. C. Your premium will not increase because your policy is renewable. 47. the income provider's salary. Using Exhibit 12-1, determine the average numbers of additional years males alive at D. A benefit during the period it covers, such as 1, 5, 10, or 20 years. If you are looking for life insurance, you probably realize the need to secure your family financially, but if you are married, your safety net is probably incomplete unless your spouse also has an adequate life insurance coverage to take care of your familys overall financial needs. How to Buy Life Insurance: Steps & Choices, App. T&C Apply. If their youngest child is 5 years old, how much do they need? Insurance Premium Each plans to continue to work after the other one dies. The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020. Sum Assured as chosen by the Working Spouse under the Plan. Its free, with no obligation. The sooner a person is likely to die, the lower the premiums he or she will pay. Quickly and professionally. 74. Whole Life Insurance Option to add Optional In-Built Covers or choose a Benefit Payout Option other than Lumpsum is not available to non-Working Spouse. Using the easy 43. A. C. Administrative fee. What impact do they have on your wealth potential. If you have a conversion term policy, A. C. Convertible term. old? D. Term life insurance plans. 39. NOT FDIC INSURED. \qquad\text{Total net assets}&&\underline{\text{\hspace{5pt}333,940}}\\ The settlement option in which the company acts as trustee and pays interest to the beneficiary is called A. Lump-sum payment. 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. Fixed annuity B. 5 days. The income replacement approach is a method of determining the amount of life insurance you should purchase. Best Investment Options in India If you are new to Smallwood Wealth schedule a Wealth Curve Conversation here. Replacement value is a method for determining what an insurance company will pay you in case your property is stolen or destroyed. Fell free get in touch with us via phone or send us a message. This problem has been solved! Further, you estimate that your funeral will cost $6,000. Also, if you try to make up some of that yourself, you lose income and income potential. Using time value of money and assuming you could invest your E. No interest will accumulate for any loans related to life insurance. Which of the following policies would meet her needs? Can you buy life insurance for someone who is dying? E. 60 days. What percentage of your income should you spend on life insurance? D. 30 days. The cholesterol level in children follows a normal distribution with a mean level of 175mg/dL175 \mathrm{mg} / \mathrm{dL}175mg/dL and a standard deviation of 35mg/dL35 \mathrm{mg} / \mathrm{dL}35mg/dL. Required Reserve Ratio Formula | How to Calculate Required Reserves, Monthly Payment Formula | How to Calculate Loan Payments. 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. AssetsCashandcashequivalentsShort-terminvestmentsTuitionandfeesreceivable(netofdoubtfulaccountsof$12)Pledgesreceivable(netofdoubtfulaccountsof$280)PrepaidassetsProperty,plan,andequipment(netofaccumulateddepreciationof$104,240)Investments(atfairvalue,costof$162,000)TotalassetsLiabilitiesandNetAssetsLiabilities:AccountspayableandaccruedliabilitiesDepositsheldincustodyforothersUnearnedrevenueBondspayableTotalliabilitiesNetassets:WithoutdonorrestrictionsWithdonorrestrictionsTotalnetassetsTotalliabilitiesandnetassets$104,000229,940$7347,6662305,8721,364281,404158,400$455,670$21,13070090099,000127,730333,940$455,670.

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