the nonworking spouse method of estimating life insurance
Group life C. Limited life D. Universal life E. Variable life, 51. Variable life C. Universal life D. Adjustable life E. Decreasing term life. 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. Insurance Premium When can I switch from original Medicare to an Advantage plan? If you are new to Smallwood Wealth schedule a Wealth Curve Conversation. Home Flashcards Chapter 10 Personal Finance. B. Mortgage = $190,000; Auto loan = $10,000; Credit card balance = $2,000; and other debts = Something went wrong. Steiner is a private college. \textbf{Statement of Financial Position}\\ Using the nonworking spouse method, what should be the life This term life policy will guarantee that you will pay the same premium for the duration of your policy. is =1.25\sigma = 1.25=1.25. As a member, you'll also get unlimited access to over 88,000 Easy method C. DINK method D. Family need E. Soccer mom 95. All of the following are major rating agencies for insurance except A. Surrender charge. Limited installment payment. What is the most important part of an insurance agents job? E. Child. The sooner a person is likely to die, the lower the premiums he or she will pay. D. Standard & Poors. If the policy exists, you can ask if you're a beneficiary. 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. Your spouse expects to continue to work after your death. With the right term insurance policy in place, stay prepared for any adversity. Contract. B. Dun & Bradstreet. 99. c. the charge per 100 pounds to ship goods by truck DINK stands for double income, no kids. Nonworking spouse method is a type of insurance policy where without working you can support your children until they turn 18 years old. E. All of these affect the price. the near future. Buying from a financially strong company B. DINK stands for double income, no kids. 65. Note: The categorization of Spouse into Working and Non-Working will be as per the Companys Board Approved Underwriting Policy (BAUP). Pam just started working at XYZ Widget Company and finally wants to get insurance coverage. Table lamp. Question: Problem 12-10 Using the "Nonworking" Spouse Method to Determine Life Insurance Needs [LO12-2] Tim and Allison are married and have two children, ages 16 and 17 . This is a method that has you adding half of all your debts plus funeral expenses. 76. A. The total debts of you and your spouse include the following: mortgage, $200,000; auto loan, $16,000; credit card balance, $2,000; and personal debts of $4,000. The second is the DINK method. Molly is thinking about buying a life insurance policy, but she is not sure about how much she will need in the next few years. Get unlimited access to over 88,000 lessons. It is better to fund a fixed annuity before fully funding your IRA, Keogh, or 401(k). D. Spend money. \textbf{Assets}\\ 78. Collections on Tuition and Fees Receivable totaled$222,600. \textbf{(amounts in thousands)}\\ You own a home with a mortgage of $110,000, and The premium so collected in advance shall only be adjusted on the due date of the premium. Earnings Per Share Overview & Formula | How to Calculate EPS, Capital Budgeting Decisions | Examples, Techniques & Analysis, Activity-Based Costing | Formula, Examples & Benefits. Estimate how much life insurance Tim and Allison should carry. But from a financial perspective, it does not have to be a crisisif you have good planning. The death benefit will be increased by the amount of an outstanding policy loan. Shaan and Anita are married and have two children, ages 4 and 7. Group life B. Competition among companies with comparable policies can affect the price a company charges for life insurance. is your life insurance need based on the easy method? A. Waiver of premium disability benefit B. Whole life B. Renewable term C. Convertible term D. Decreasing term E. Multiyear level. C. Final life payment. Under this approach, the insurance purchased is based on the value of the income the insured breadwinner can expect to earn during his or her lifetime. money elsewhere for a 7 percent annual yield, calculate the net cost of insurance. 5% B. Important Life Insurance Policy Provisions, After-Tax Rate of Return: Definition & Formula, Standard Deviation of Returns | Overview, Investment Volatility & Formula. $140,000 B. Group life C. Limited life D. Universal life E. Variable life, 50. D. Life income option. Your spouse expects to continue Fred bought life insurance five years ago. Frank, age 38, was hit by a car and died. What will be the surrender value of LIC policy after 5 years? $10,000 + ($30,000 / 2) + ($11,000 / 2) + ($5,000 / 2) = $10,000 + $15,000 + $5,500 + $2,500 = $33,000. A. Renewable term B. Multiyear level term C. Decreasing term D. Limited payment E. Single year term. \text{Tuition and fees receivable (net of doubtful accounts of \$12)}&&\text{230}\\ 70. You have a spouse, two kids, a dog and a mortgage - a typical family. How long is the grace period for health insurance policies with monthly due premiums? How much storage space is required? Benefits of Life Insurance It is important to replace all of the income lost when an employed family member dies when using the human-life approach. Another name for a straight term policy is A. Renewable term. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 28. 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. \text{Cash and cash equivalents}&&\text{\$\hspace{18pt}734}\\ \text{Short-term investments}&&\text{7,666}\\ For more details on risk factors, terms and conditions please read the Sales Brochure carefully before concluding a sale. Your annual income is $60,000. Whole life B. loans. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 64. The average cost of life insurance is $27 a month. Sum Assured as chosen by the Working Spouse under the Plan. Your rates will vary based on your unique circumstances, just as they would if you were single. Likewise, when using the rule of 72, the number 72 is used in the calculation. B. What percentage of your income should you spend on life insurance? A. \quad\text{Total assets}&&\underline{\underline{\text{\$\hspace{1pt}455,670}}}\\[5pt] The companys cost of doing business. A deferred annuity allows an individual to receive payments from an annuity immediately. C. Policyholder. Jeff Willis has five kids and more debt than the, average family. 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. A person who is named to receive the benefits from an insurance policy is a(n) A. In this case, 18 years. 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When deciding the right amount of coverage required for your spouse, everyones need may be different. A. Waiver of premium disability benefit B. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 57. An immediate annuity allows an individual to receive payments from an annuity beginning at once. It equals the cost of replacing the property. Estimate how much life insurance Tim and Allison should carry to cover Allison. Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy, 33. Use Headquartered at 199 Broad Street, Red Bank NJ 07701-2056 If you mean you want to add life insurance coverage for your new spouse on your life insurance policy, you can contact your life insurance agent or carrier and request what it would cost to add a spouse rider for life insurance coverage to your existing policy. Using the "Nonworking" Spouse Method to Determine Life Insurance Needs. D. A fixed annuity is one where the investments made into the annuity are variable. succeed. The insurance industry rule of thumb that a typical, family will need 70% of salary for seven years in order to, adjust for the financial consequences of a wage-earner's, death is known as which of the following estimation. E. An immediate annuity allows an individual to receive payments from an annuity beginning at once. Most participating policies are sold by: 102. Insurance Need: ? It will take your youngest child 15 more years to reach 18. Which of the following is NOT a type of permanent life insurance? Fixed annuity B. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 56. A term insurance plan will also help to save taxes on the premiums under Section 80C of the IT Act. B. The "Nonworking" spouse method of estimating life insurance includes factors such as Social Security and liquid assets.
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