B. 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. If you have a conversion term policy, A. 2. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method. You can get your paper edited to read like this. Which of the following is NOT a factor that affects the price a company charges for a life insurance policy? Adult child living with parents. participating policy (dividends will be used to build up the cash value of the policy). Whole life B. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family need method, 31. 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. E. A policy whose coverage stops after a period of time. A. If, for example, your account earns 4 percent, divide 72 by 4 to get the number of years it will take for your money to double. Income replacement is one of the main reasons many people, especially those who have loved ones depending on them financially, have life insurance. Also, if you try to make up some of that yourself, you lose income and income potential. E. Proceeds left with the company. Which of the following products allows an individual to receive payments beginning now? 38. B. 59. Need for a Life Insurance for the Non-Working Spouse - Canara HSBC Life $86,000 C. $98,000 D. $172,000 E. $217,000. C. Identified annuities to be the same as certificates of deposit. A. Important Life Insurance Policy Provisions, After-Tax Rate of Return: Definition & Formula, Standard Deviation of Returns | Overview, Investment Volatility & Formula. How to Buy Life Insurance: Steps & Choices, App. 67. Investments are not FDIC- or NCUA-insured, are not guaranteed by a bank/financial institution, and are subject to risks, including possible loss of the principal invested. The sooner a person is likely to die, the lower the premiums he or she will pay. A. Solved Using the "nonworking" spouse method, what should be - Chegg Best Investment Options in India
Using the "nonworking" spouse method, what should be the life insurance need for a family whose youngest child is 10 years old? This is also the most thorough method. 45. Chapter 10 Personal Finance - Subjecto.com It provides both a death benefit and a savings component. Which of the following is NOT a feature of whole life insurance? B. [Content_Types].xml ( Y0}GM 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. \text{Tuition and fees receivable (net of doubtful accounts of \$12)}&&\text{230}\\ A. Waiver of premium disability benefit B. Which of the following riders provided an additional benefit for his heirs? E. Your premium will be higher than a whole life policy premium. Time Value of Money Formula & Examples | What is Time Value of Money? 68. With the right term insurance policy in place, stay prepared for any adversity. Expert Answer 100% (1 rating) Step 1 Non-working spouse method: This method is form of insurance coverage that allows you to s View the full answer Previous question Next question 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. Your surviving family's ongoing needs are $800,000 for your spouse's needs, and your dependent children's needs are $400,000 for a limited period of time. \quad\text{Unearned revenue}&&\text{900}\\ Group life C. Limited life D. Universal life E. Variable life, 49. E. Credit life. Using the DINK method, what should be your need for life insurance? 36. 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. On occurrence of first death or diagnosis of terminal illness, to either of you, the sum assured on death corresponding to the affected life is paid and the policy continues with life cover for the other life with reduced premium. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 29. 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. 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. B. D. Term life insurance plans. But life insurance rates can vary dramatically among applicants, insurers and policy types. Each of you Ag;sE2/yNNF;eF]!hiV^r^l PK ! During the year, charges for tuition and fees were $244,500; scholarships were$16,300; and tuition waivers for scholastic achievement were $5,100. Fixed Insurance products and services offered through Ash Brokerage or Smallwood Associates, Ltd. Shaan and anita are married and have two children, ages 9 and - Brainly E. All of these. For a non-Working Spouse. Call the State Commissioner's Office for your State. STEINERCOLLEGEStatementofFinancialPositionJune30,2019(amountsinthousands), AssetsCashandcashequivalents$734Short-terminvestments7,666Tuitionandfeesreceivable(netofdoubtfulaccountsof$12)230Pledgesreceivable(netofdoubtfulaccountsof$280)5,872Prepaidassets1,364Property,plan,andequipment(netofaccumulateddepreciationof$104,240)281,404Investments(atfairvalue,costof$162,000)158,400Totalassets$455,670LiabilitiesandNetAssetsLiabilities:Accountspayableandaccruedliabilities$21,130Depositsheldincustodyforothers700Unearnedrevenue900Bondspayable99,000Totalliabilities127,730Netassets:Withoutdonorrestrictions$104,000Withdonorrestrictions229,940Totalnetassets333,940Totalliabilitiesandnetassets$455,670\begin{array}{lrr} So to recap, you can not take out a life insurance policy on someone without their knowledge, and no one should be able to do it to you. In other words, you will have to show why you want to insure the individual. A. Institutional support 28,500. The Policy Term, Premium Payment Term and the premium payment mode remains the same for the Spouse, as yours. You have a gross annual income of $62,000. Bonnie is most concerned about being able to buy additional insurance without undergoing medical exams. A. Adjustable life B. She has since died. \text{Net assets:}\\ nonworking spouse whose youngest child is 6 years old? Using the "nonworking" spouse method, what should, be the life insurance need for a family whose youngest, 95. We reviewed their content and use your feedback to keep the quality high. \end{array} A. Straight life. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The settlement option in which the company acts as trustee and pays interest to the beneficiary is called A. Lump-sum payment. 47. Before you purchase, be sure to talk to your financial professional about the annuitys features, benefits, and fees and whether the annuity is appropriate for you, based on your financial situation and objectives. A person who is named to receive the benefits from an insurance policy is a(n) A. 3.The maturity benefit calculated for a 25 years old healthy male who has opted for Canara HSBC Life Insurance Guaranteed Savings Plan with Guaranteed Savings Option through insurers website, annual premium Rs. age 35 may expect to live. Unit linked Insurance products are different from the traditional insurance products and are subject to the risk factors. 48. \qquad\text{Total net assets}&&\underline{\text{\hspace{5pt}333,940}}\\ You can convert your policy from permanent to term at any time. \textbf{June 30, 2019}\\ What is a Rider on a Life Insurance Policy? Allison is a "nonworking" spouse who devotes all of her time to household activities. Pam just started working at XYZ Widget Company and finally wants to get insurance coverage. Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document issued by the insurance company. The college received cash contributions without donor restrictions of$2,080, pledges to be collected in 2021 of $550, and cash contributions to the endowments of$335. A. The return on its investments. Which of the following is NOT a type of permanent insurance? Which method are they using to determine their life insurance needs? The insurer may tell you, or it may ask you to submit a form reporting the death. \end{array} d. 28. A. The big question is how much term life insurance for the non-working spouse (or stay-at-home parent) you should have. D. A deferred annuity allows an individual to receive payments from a life insurance policy at some future date. b. the number of each item you have in stock The maturity benefit in form of a lumpsum benefit equal to Rs.33,19,055 is paid at the end of the 20th year, provided the policy is in-force and all due premiums have been paid. D. Her parents. E. An insurance company will calculate the annual amounts to pay each person for an annuity. The simplest method for estimating your clients' life insurance needs is the multiple-of-income approach. Using the nonworking spouse method, what should be the life D. Life income option. Life insurance is a wise purchase of all individuals. E. Whole life insurance plans. Certificates of deposit. C. Tell you why her product is better than the competitors. \quad\text{Bonds payable}&&\underline{\text{\hspace{10pt}99,000}}\\ Estimating Your Life Insurance Requirements(continued) The "Nonworking" Spouse Method. Bill is worried about being able to pay his premium if he is totally and permanently disabled before age 60. B. C. Administrative fee. Allowed whole life insurance policies to be sold. B. E. The policy requires that you pay a specified premium each year for the rest of your life. ^Individual death claims settled and reported in public disclosures for FY 2021-22. Straight life C. Ordinary life D. Term life E. Cash value life. 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. The companys cost of doing business. TERMS OF SERVICE He has since died. Use Exhibit 1-B. 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. 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. PK ! 93. Which of the following life insurance policies should she apply for? 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. Life insurance benefits may be used to pay off a home mortgage or other debts at the time of death. Required Reserve Ratio Formula | How to Calculate Required Reserves, Monthly Payment Formula | How to Calculate Loan Payments. 69. Find the factor on the chart where the nonworking spouse's age intersects with the working spouse's income from the column on the left 3.