the nonworking spouse method of estimating life insurance53 days after your birthday enemy
the nonworking spouse method of estimating life insurance
Term C. Credit life D. Endowment life E. Adjustable life, 53. After payment was received, tuition d. a way of shipping goods to customers IN THIS ARTICLE Disability income insurance, which complements health insurance, can replace lost income and help protect you and your family from an otherwise financially catastrophic illness or injury. You may need to change your coverage amounts when this happens. Is life insurance for married couples cheaper? Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy. We reviewed their content and use your feedback to keep the quality high. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 57. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Your spouses cover must be useful to pay for childcare expenses and all the help you need around the house. Sum Assured as chosen by the Working Spouse under the Plan. Using the nonworking spouse method, what should be the life E. It is permanent life insurance. Allison is a "nonworking" spouse who devotes all of her time to household activities. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 29. 5 days. She, wants to determine her insurance needs. \quad\text{Without donor restrictions}&\text{\$\hspace{1pt}104,000}\\ Estimate how much life insurance Tim and Allison should carry. In this case, 18 years. What are the stages of the General Adaptation Syndrome (GAS)? If you have a conversion term policy, A. The "Family Need" Method. Of course, it would be a tragedy were something to happen to your spouse. E. None of these is correct. \qquad\text{Total liabilities}&&\text{127,730}\\[3pt] What is a Rider on a Life Insurance Policy? E. No interest will accumulate for any loans related to life insurance. Sum Assured fixed at Rs. Each plans to continue to work after the other one dies. lessons in math, English, science, history, and more. Cash value. All guarantees are based on the continued claims paying ability of the issuing company. $140,000 B. Allowed whole life insurance policies to be sold. b. the number of each item you have in stock $196,000 C. $280,000 D. $400,000 E. $430,000, 83. refunds of$11,200 were given. Using Exhibit 12-1, determine the average numbers of additional years males alive at Use the easy method to determine how much insurance she should carry. A deferred annuity allows an individual to receive payments from an annuity immediately. \text{Tuition and fees receivable (net of doubtful accounts of \$12)}&&\text{230}\\ copyright 2003-2023 Study.com. Reasons for Life Insurance Claim Rejection, Head Office : 139 P Sector - 44,Gurugram - 122003Haryana, India, www.lifeinscouncil.org | IRDAI Registration no: 136. www.irdai.gov.in WEBNJV3CHODEC17 ENG | CIN: U66010DL2007PLC248825. Catherine Carey has made the choice to stay home, and raise her three kids while her husband works. 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. So your life insurance requirement is 15 $10,000 = $150,000. nonworking spouse whose youngest child is 5 years old? Certificates of deposit. Yes. False. Anita is a "nonworking" spouse who devotes all of her time to household activities. B. Dun & Bradstreet. 3 days. ECON 150 Chapter 12 Sample Questions-1.rtf, What is a government Can you think of a reason why we need a government We need, Adjusted Net IncomeLoss and Adjusted Diluted EPS from Continuing Operations The, Analytical approach with clearly and highly articulated recommendatio ns, Which of the following would be the most appropriate advice to give her A Take 2, 6 DML price variance 0 DML efficiency variance 18000U 7 DML flexible budget, Dim statements into comments by adding an apostrophe at the beginning of the, INT 220 Module Two Assignment Template (1).docx, A glucose B fructose C galactose D sucrose E lactose 81 The following are, Vancouver BC Canada Food 1 50K 70K San Andres DF Mexico Food 0 10K 30K Portland, youth_athlete_sports_performance_nutrition_questionnaire_v2.doc, for the compromise or arrangement According to this section 1 In the given case, Formative Assessments_ A Tool for Teacher and Student Development.pdf, B Topic Concept 181 Skill ApplicationAnalysis A geneticist introduces a. Find the CpC_pCp and CpkC_{pk}Cpk capability indexes if. Term insurance for non-working spouse in India will be of great help. You can convert your policy from permanent to term at any time. Collection of advance premium shall be allowed within the same financial year for the premium due in that financial year However, where the premium due in a financial year is being collected in previous financial year, the premium may be collected for a maximum period of three months in advance of the due date of the premium. Polly wants the opportunity to change the amount she pays for her annual premium through the life of her insurance policy without changing her coverage. This term life policy will guarantee that you will pay the same premium for the duration of your policy. It accumulates cash value. 2003-2023 Chegg Inc. All rights reserved. If you switch life insurance policies, you will automatically still be insurable, Annuities are most beneficial for individuals who expect to live only a short time, An investment in an annuity is the same as an investment in a certificate of deposit, Tuitionandfeesreceivable(netofdoubtfulaccountsof$12), Pledgesreceivable(netofdoubtfulaccountsof$280), Property,plan,andequipment(netofaccumulateddepreciationof$104,240), Investments(atfairvalue,costof$162,000), Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. \textbf{(amounts in thousands)}\\ Insurance needed. D. Your policy will have the same premium as other term policies. \textbf{June 30, 2019}\\ A. The capital retention method is a method of determining the amount of life insurance needed by using an interest-only model to support your family. \textbf{Assets}\\ 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. Factors That Affect Life Insurance Premiums In many cases, the answer is yes. A term insurance plan will also help to save taxes on the premiums under Section 80C of the IT Act. method, what should be your need for life insurance? A. Group life B. Or, you can call us at (800) 797-1000. Fell free get in touch with us via phone or send us a message. Which method are they using to determine their life insurance needs? Jeanne wants to purchase a life insurance policy with guaranteed premiums. The rule of 70 is a means of estimating the number of years it takes for an investment or your money to double. Which of the following provisions prevents the life insurance company from refusing to pay his beneficiaries because of his original misrepresentation? B. 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. the easy method to determine how much life insurance you should carry. C: Consumer Agencies & Organizations, CLEP Financial Accounting: Study Guide & Test Prep, Introduction to Financial Accounting: Certificate Program, High School Marketing for Teachers: Help & Review, How to Choose a College: Guidance Counseling, UExcel Workplace Communications with Computers: Study Guide & Test Prep, Effective Communication in the Workplace: Certificate Program, Effective Communication in the Workplace: Help and Review, CLEP Principles of Macroeconomics: Study Guide & Test Prep, Intro to Excel: Essential Training & Tutorials, Information Systems and Computer Applications: Certificate Program, GED Social Studies: Civics & Government, US History, Economics, Geography & World, What is Whole Life Insurance? Using the nonworking spouse method, what should be the life D. Fund expense. To unlock this lesson you must be a Study.com Member. Surrender charge. B. Bens beneficiaries. Beneficiary. Can you get life insurance on a spouse? 2.Guaranteed Benefits - Provided all premiums have been paid as and when due and the policy is in-force. Life insurance benefits may be used to pay off a home mortgage or other debts at the time of death. E. 60 days. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 64. $140,000 B. Everyone is impacted by these 5 problems. There are many situations to consider, and the methods you just heard about may or may not fit your needs. Course Hero is not sponsored or endorsed by any college or university. 2,10,000, (excluding taxes) premium payment term 10 years and policy term 20 years. What kind of policy would she want to purchase? Replacement value is a method for determining what an insurance company will pay you in case your property is stolen or destroyed. Megan wants to purchase a life insurance policy that will allow her to invest in stock. Buying from a financially strong company B. The most common settlement option for a life insurance program is the lump-sum payment. This last method is called the family need method. For more details on risk factors, terms and conditions please read the Sales Brochure carefully before concluding a sale. Past performance of the investment funds do not indicate the future performance of the same. And, lastly, the family need method is a method that has you calculating your immediate needs upon death, adding it to the ongoing needs of surviving family members, and then subtracting your available assets from it. B. A. Use the multiple of income method to 101. Estimating Your Life Insurance Requirements(continued) The "Nonworking" Spouse Method. B. Which of the following statements is correct? All rights reserved. B. How long is the grace period for health insurance policies with monthly due premiums? Fred bought life insurance when he was 47, although he told the insurance company that he was 42. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 28. If you want to purchase term insurance, you will receive all of the following except A. The return on its investments. Life insurance companies do realize that taking care of the house is an equally important as earning an income for the household. C. Convertible term. The goal of this approach is to replace the primary breadwinner's salary for a predetermined number of years. 25% C. 50% D. 75% E. 95%, 32. Who will receive the benefits from her policy? 75. A. DINK stands for double income, no kids. Net deposits returned to students totaled $10. E. Pay taxes. Competition among companies with comparable policies can affect the price a company charges for life insurance. He forgot to tell them that he had a heart condition, and, as a result of that condition, he recently died. Amy bought a life insurance policy and named Ben as her beneficiary. D. Insurer. Most people buy life insurance to A. Use Riders in Insurance Which of the following provisions will affect the amount of money his beneficiaries will receive? This method is used only to calculate child care needs, not the total financial needs of the family. Nonworking spouse method is a type of insurance policy where without working you can support your children until they turn 18 years old. old? How much storage space is required? A. DESIGNED BY: INTERSOFT ASSOCIATES. 36. 44. A. It will have a lower coverage amount and a waiting period (usually 2 year). 97. 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. You and your spouse are in good health and have reasonably secure jobs. Fixed Annuities are long-term insurance products. Which of the following products allows an individual to receive payments beginning now? 93. Most modern insurance covers let you add your spouse under the same policy for an additional premium, often lower than your own premium. How to estimate life insurance requirements for a non working spouse? Which of the following allows an individual to receive a fixed amount of income over a certain period of time, or over his or her life? MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL. B. 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. The provisions of Income Tax Act, 1961 are subject to amendments made by the government from time to time. Whole life B. 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. For a non-Working Spouse. Steiner is a private college. Group life C. Limited life D. Universal life E. Variable life, 49. Investment Advisory Services provided by Smallwood Wealth Investment Management, LLC, an SEC registered investment advisor. $18,000 C. $50,000 D. $130,000 E. $180,000, 84. Something went wrong. I highly recommend you use this site! C. Tell you why her product is better than the competitors. Of course, it would be a tragedy were something to happen to your spouse. Continuing a mini-series on life insurance, he discusses life insurance for spouse (who does not work or who works part-time). What is their total insurance need using the DINK method? B. \quad\text{Accounts payable and accrued liabilities}&&\text{\$\hspace{5pt}21,130}\\ D. The policy features. C. Final life payment. One such cover by Canara HSBC Life Insurance Company is the iSelect Smart360 Term Plan. Investment earnings received for the period were $3,960, of which$2,070 was donor restricted for scholarships. However, at a minimum, you should consider the financial value of child care, house care, and other domestic services that your spouse has been taking care of at present. Then compute this number as an annual cost and multiply by the approximate number of years you would need those services, say until your children start going to college, or until you retire to take care of the house yourself. The premiums & funds are subject to certain charges related to the fund or to the premium paid. 59. A. 'QP2?^03dw 6x ;!;RTkz}Sc;)iI 72. Carton is 0.75 m by 0.6 m by 0.8 m. Pay off a mortgage. Which of the following policies should she buy? D. 30 days. 43. Answer . C. Her contingent beneficiaries. Which of the following statements is incorrect? B. In contrast to the biopsychosocial model, the biomedical model views health as ___________. An individual can take out a loan on his or her term policy. Whether you're married, domestic partners or simply sharing a life with someone you love, taking out a pair of affordable term life insurance policies can provide both financial security and peace of mind. Nonworking spouse method is a type of insurance policy where without working you can support your children until they turn 18 years old. D. It builds cash value. Straight life C. Ordinary life D. Term life E. Cash value life. E. Proceeds left with the company. Ask to set up a Wealth Curve conversation. Student services 37,700 Another name for a straight term policy is A. Renewable term. You add these numbers together: $10,000 + $50,000 + $95,000 + $800,000 + $400,000 = $1,355,000. B. Multiyear level term. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 63. Which of the following is a charge you will pay when you purchase a variable annuity? 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. you owe $11,000 on car loans, $2,000 in personal debt, and $3,000 in credit card
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