Which of the following allows an individual to receive an amount of income that will change based on the income received from stocks or other investments over a certain period of time, or over his or her life? 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. Important Life Insurance Policy Provisions, After-Tax Rate of Return: Definition & Formula, Standard Deviation of Returns | Overview, Investment Volatility & Formula. Welcome to the Wealth Curve Talk Podcast. 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. The return on its investments. 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I highly recommend you use this site! Group life B. C. A life insurance policy allows the beneficiary to receive proceeds at some future date. A process has specification limits of LSL 5 540 and USL 5 550. Estimating Your Life Insurance Requirements(continued) The "Nonworking" Spouse Method. How to Buy Life Insurance: Steps & Choices, App. Easy method C. DINK method D. Family need E. Soccer mom 95. Use Exhibit 1-B. participating policy (dividends will be used to build up the cash value of the policy). D. You must pay interest on any outstanding policy loans. B. Bens beneficiaries. Carton is 0.75 m by 0.6 m by 0.8 m. Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2020. Which method are they using to determine their life insurance needs? C. You can convert your term policy to a permanent policy. 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. TERMS OF SERVICE Jeff and Erica have two children. You add these numbers together: $10,000 + $50,000 + $95,000 + $800,000 + $400,000 = $1,355,000. Of course, it would be a tragedy were something to happen to your spouse. D. Your policy will have the same premium as other term policies. A. Waiver of premium disability benefit B. This gives you seven years of wages at 70%. What is your life insurance need using the DINK method? E. Convince you to buy the policy that will pay her the highest commission. Suppose that yours is a typical family. 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. This method has you multiplying your annual gross income by 70% and then multiplying that by 7. Which of the following policies would meet her needs? False. Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. Beneficiary. Claim Settlement Ratio This method is called the non-working spouse method. Multiply the number of years until the youngest child reaches 18 by $10,000. Also, if you try to make up some of that yourself, you lose income and income potential. 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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. Another name for a straight term policy is A. Renewable term. This website helped me pass! The first method is called the easy method. Using the easy Using the DINK method, what should be your need for life insurance? B. During the year, charges for tuition and fees were $244,500; scholarships were$16,300; and tuition waivers for scholastic achievement were $5,100. is your life insurance need based on the easy method? Ask to set up a Wealth Curve conversation. B. What are the stages of the General Adaptation Syndrome (GAS)? It also collected $820 of Pledges Receivable that were unrestricted. All guarantees are based on the continued claims paying ability of the issuing company. A Limited Payment Policy is a while life policy that requires premiums to be paid for a certain period. U ^s1xRpbD#rYNrJC.aeD=U]Sik@X6G[:b4(uH%-+0A?t>vT9. a. a way of calculating an inventory's value Megan wants to purchase a life insurance policy that will allow her to invest in stock. Sum Assured fixed at Rs. 99. - Definition & Examples, Strategies for Effective Consumer Relations, Cross-Selling in Retail: Techniques & Examples, Working Scholars Bringing Tuition-Free College to the Community. Jeff Willis has five kids and more debt than the, average family. ^Individual death claims settled and reported in public disclosures for FY 2021-22. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued. A. Adjustable life B. method for him to use to calculate his insurance needs? STEINERCOLLEGEStatementofFinancialPositionJune30,2019(amountsinthousands)\begin{array}{c} DINK stands for double income, no kids. E. Single year term. Of course, it would be a tragedy were something to happen to your spouse. Allison is a "nonworking" spouse who devotes all of her time to household activities. You should be able to collect the life insurance payout within 30 to 60 days after you have submitted the completed claim forms and the supporting documents. 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. Sum Assured fixed at Rs. Option to add Optional In-Built Covers or choose a Benefit Payout Option other than Lumpsum is not available to non-Working Spouse. An individual can take out a loan on his or her term policy. 25% C. 50% D. 75% E. 95%, 32. Institutional support 28,500. A. Adjustable life B. old? In case of death of the Life Assured during the Policy Term, Sum Assured on Death basis the Coverage option opted, less cumulative monthly income(s) already paid shall be payable. The companys cost of doing business. This is a method that has you multiplying your annual gross income by 70% and then multiplying that by 7. C. The policy owner can borrow any amount up to the cash value of the policy. $86,000 C. $98,000 D. $172,000 E. $217,000. Which method are they using to determine their life insurance needs? Which of the following life insurance policies should she apply for? D. Decreasing term. A. 200 lessons. Best Investment Options in India - Definition, History & Examples, Stealth Advertising: Definition & Examples, What is Crowdsourcing? Your spouses cover must be useful to pay for childcare expenses and all the help you need around the house. Experts are tested by Chegg as specialists in their subject area. The average cost of life insurance is $27 a month. Is life insurance for married couples cheaper? You pay premiums each year for the rest of your life. D. 30 days. What. \end{array} Not necessarily. Limited installment payment. Whole life. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 55. 81. Anita is a "nonworking" spouse who devotes all of her time to household activities. The family needs approach requires you to purchase enough life insurance to allow your family to meet its various expenses in the event of your death. Who will receive the benefits from her policy? 101. D. Help you select the proper kind of protection within your financial boundaries. Which of the following is a poor choice for the amount of protection offered for an individual? A. B. 12-3 $140,000 B. Watch on to see what they are. Expenses incurred resulted in the release of $7,320 in net assets with donor restrictions. D. The policy features. If you are new to Smallwood Wealth schedule a Wealth Curve Conversation. Home Flashcards Chapter 10 Personal Finance. When can I switch from original Medicare to an Advantage plan? \text{Liabilities:}\\ 45. Term insurance B. \textbf{Statement of Financial Position}\\ 76. You policy will continue for one year. You estimate that funeral expenses will be $5,000. DINK stands for double income, no kids. Can you buy life insurance for someone who is dying? Estimate how much life insurance Tim and Allison should carry. I would definitely recommend Study.com to my colleagues. E. All of these affect the price. The investment risk in investment portfolio is borne by the policyholder. Preserved the tax advantage of annuities but curtailed deductions for IRAs. refunds of$11,200 were given. T&C apply. [Content_Types].xml ( Y0}GM is =1.25\sigma = 1.25=1.25. 27. Multiply the income . Whole life B. 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Limited installment payment. \quad\qquad\text{Total liabilities and net assets}&&\underline{\underline{\text{\$\hspace{1pt}455,670}}}\\ 35. D. Standard & Poors. She may need to change her coverage as her needs change. Likewise, when using the rule of 72, the number 72 is used in the calculation. E. It is better to fund an IRA, Keogh, or 401(k) before buying an annuity. Protection against loss of life for a specified term. C. Temporary insurance. One such cover by Canara HSBC Life Insurance Company is the iSelect Smart360 Term Plan. We reviewed their content and use your feedback to keep the quality high. One of the most common questions we hear is, Can my non-working spouse qualify for life insurance? The answer is yes! Another name for permanent life insurance is A. The "Nonworking" spouse method of estimating life insurance includes factors such as Social Security and liquid assets. Amy has a master's degree in secondary education and has been teaching math for over 9 years. Academic support 23,300 Non-Working Spouse Method. 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. Can you get life insurance on a spouse? 25,00,000 which will remain same throughout the Policy Term. Shaan and Anita are married and have two children, ages 4 and 7. A. You are a dual-income, no-kids family. 2. Which of the following is NOT a feature of whole life insurance? copyright 2003-2023 Study.com. \quad\text{Unearned revenue}&&\text{900}\\ If you have a multiyear level term policy, A. 2003-2023 Chegg Inc. All rights reserved. 36. D. Your premium will not increase when you renew it. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 29. Which of the following statements is correct? A. 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. Cash value. 38. Using the "nonworking" spouse method, what should, be the life insurance need for a family whose youngest, 95. An error occurred trying to load this video. The first is the easy method. Jumping the Wealth Curve with Edward E. Bao Jr. 2.Guaranteed Benefits - Provided all premiums have been paid as and when due and the policy is in-force. Your annual income is $60,000. All of the following are major rating agencies for insurance except A. E. Credit life. 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. C. The policy will return all premiums if you survive to the end of the policy. 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 . What happens if you don't pay your health insurance deductible? We look forward to speaking with you. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method. 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. 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. Headquartered at 199 Broad Street, Red Bank NJ 07701-2056 Each plans to continue to work after the other one dies. Another name for temporary life insurance is A. In other words, you will have to show why you want to insure the individual. 74. In this episode, John continues his series on the. A. At minimal, you want a policy to provide at least 5 years worth of income replacement, until you can balance out things. Bill is worried about being able to pay his premium if he is totally and permanently disabled before age 60. You can get your paper edited to read like this. This is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. 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. The process standard deviaton Which of the following provisions prevents the life insurance company from refusing to pay his beneficiaries because of his original misrepresentation? Suppose you are 45 and have a $50,000 face amount, 15-year, limited-payment, MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL. A.M. Best. 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? Fixed Insurance products and services offered through Ash Brokerage or Smallwood Associates, Ltd. Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy, 34. Each earns $45,000 annually. Using the "nonworking" spouse method, what should be the life insurance needs for a family whose youngest child is 5 years old? D. 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They own a home with a $125,000 mortgage; they owe $25,000 for their car loans and have $22,000 in student loans. It is better to fund a fixed annuity before fully funding your IRA, Keogh, or 401(k). An interest-adjusted index is a method of evaluating the cost of life insurance by taking into account the time value of money, The lower the interest-adjusted index, the lower the cost of a life insurance policy, If you change your mind about your insurance policy, you have 60 days to return it to receive a refund of your premium. 71. Past performance of the investment funds do not indicate the future performance of the same. Using the nonworking spouse method, what should be the life C. Final life payment. Further, you estimate that your funeral will cost $6,000. 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the nonworking spouse method of estimating life insurance