I feel like its a lifeline. Please check your entries and try again. Anita is a "nonworking" spouse who devotes all of her time to household activities. 45. To Buy: 1800-258-5899 (9:30 AM to 6:30 PM), For Existing Policy: 1800-103-0003/ 1800-180-0003/ 1800-891-0003, Managing Director & Chief Executive Officer. $4,000. E. Your premium will be higher than a whole life policy premium. $343,000 C. $490,000 D. $700,000 E. $750,000, 86. A. The return on its investments. Marianne and Roger are in good health and have reasonably secure careers. With an available asset of $500,000 in savings, your life insurance requirement is $1,355,000 - $500,000 = $855,000. Allison is a "nonworking" spouse who devotes all of her time to household activities. If you want to purchase term insurance, you will receive all of the following except A. Megan wants to purchase a life insurance policy that will allow her to invest in stock. money elsewhere for a 7 percent annual yield, calculate the net cost of insurance. B. Dun & Bradstreet. . Can non-working spouses qualify for a life insurance? During the year, charges for tuition and fees were $244,500; scholarships were$16,300; and tuition waivers for scholastic achievement were $5,100. When it comes to purchasing life insurance, you need to make sure you are purchasing enough coverage to cover all your financial needs upon your death. E. Convince you to buy the policy that will pay her the highest commission. Using Exhibit 12-1, determine the average numbers of additional years males alive at Enrolling in a course lets you earn progress by passing quizzes and exams. False. Futures Contract in Finance Purpose & Examples | What Are Futures? C. Ordinary life. 46. nonworking spouse whose youngest child is 5 years old? 25% C. 50% D. 75% E. 95%, 32. \textbf{Statement of Financial Position}\\ 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. A. Investors in the Scheme are not being offered any guaranteed / assured returns. 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. E. Cash value life. . 70. 58. Amy has a master's degree in secondary education and has been teaching math for over 9 years. True. Note: The categorization of Spouse into Working and Non-Working will be as per the Companys Board Approved Underwriting Policy (BAUP). You have to drive them to and from school, oversee homework and music practice. Protect the people who depend on the insured from financial losses caused by his or her death. I highly recommend you use this site! 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. D. 30 days. A. If you have a renewable term policy, A. But life insurance rates can vary dramatically among applicants, insurers and policy types. 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But from a financial perspective, it does not have to be a crisisif you have good planning. D. The policy features. A deferred annuity allows an individual to receive payments from an annuity immediately. 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 various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects and returns. 38. Jumping the Wealth Curve with Edward E. Bao Jr. \quad\text{Without donor restrictions}&\text{\$\hspace{1pt}104,000}\\ Besides getting money into the family, the non-working spouse holds a responsibility for everything that doesnt offer bonus, perks, and promotions. B. Use the easy method to determine how much insurance she should carry. Get unlimited access to over 88,000 lessons. 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. old? Tim and Tammy are updating their financial plan and are concerned that they might not have enough life insurance coverage for their family, which includes two children, ages 4 and 10. While it is wise to buy a life insurance policy to protect the income of the earning spouse, covering the non-working spouse may not seem as important. 78. A young employee is buying individual life insurance and is worried about the impact inflation will have on his life insurance coverage. Another name for a straight term policy is A. Renewable term. NOT BANK GUARANTEED. \quad\text{Accounts payable and accrued liabilities}&&\text{\$\hspace{5pt}21,130}\\ Under this plan option, a Monthly Survival Income shall be payable at the beginning of each month, starting from the Policy Anniversary coinciding with or following the Life Assured attaining age 60 years (last birthday) which shall continue till the end of the Policy Term or the death of the Life Assured whichever is earlier. She has since died. Firstly, spouses who work part-time or who do not work have insurability interest, which should be maximized. Cash value. 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A term insurance plan will also help to save taxes on the premiums under Section 80C of the IT Act. 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. Using the "nonworking" spouse method, what should be the life insurance needs for a family whose youngest child is 5 years old? A. If you have a conversion term policy, A. $18,000 C. $50,000 D. $130,000 E. $180,000, 84. 35. Adult child living with parents. Further, you estimate that your funeral will cost $6,000. 24. A. D. Life income option. Life insurance companies pay out the proceeds when the insured dies and the beneficiary of the policy files a life insurance claim. Find the symmetric intervals around the mean of 175mg/dL175 \mathrm{mg} / \mathrm{dL}175mg/dL that respectively include the cholesterol levels of 68.3%,95.4%68.3 \%, 95.4 \%68.3%,95.4%, and 99.7%99.7 \%99.7% of all children. C. Retired couple with a pension. 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? Which of the following is a charge you will pay when you purchase a variable annuity? An immediate annuity allows an individual to receive payments from an annuity beginning at once. method for him to use to calculate his insurance needs? Who will receive the benefits from her policy? 51,84,468 which includes Guaranteed Sum Assured on Maturity, accrued Guaranteed Yearly Additions and Guaranteed Loyalty Addition. Pam just started working at XYZ Widget Company and finally wants to get insurance coverage. Using the "nonworking" spouse method, what should be the life insurance need for a family whose youngest child is 10 years old? The monthly survival benefit mentioned is an example of Life Assured opting for Sum Assured as 1Cr under Life Secure with Income plan option. 43. 1. Which of the following riders should she consider? What is the cost of living in California? E. None of these is correct. the easy method to determine how much life insurance you should carry. D. Your premium will not increase when you renew it. Further, making sure that your non-working or part-time working spouse has the maximum amount of coverage based upon your coverage is a fundamental of good planning. 65. What is your life insurance need using the DINK method? [Content_Types].xml ( Y0}GM 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. B. They own a home with a $125,000 mortgage; they owe $25,000 for their car loans and have $22,000 in student loans. A. Adjustable life B. 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} - Definition & Examples, Strategies for Effective Consumer Relations, Cross-Selling in Retail: Techniques & Examples, Working Scholars Bringing Tuition-Free College to the Community. 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. 25,00,000 which will remain same throughout the Policy Term. The policy loan provision means that A. Try refreshing the page, or contact customer support. This gives you seven years of wages at 70%. Sell you the highest level of coverage available. We look forward to speaking with you. nonworking spouse whose youngest child is 6 years old? D. Help you select the proper kind of protection within your financial boundaries. - Definition & Types, Influencer in Marketing: Definition & Overview, Intangibility in Marketing: Definition & Overview, Learned Behavior in Marketing: Definition, Types & Examples, Marketing Orientation: Definition & Examples, Schedule Variance: Definition, Formula & Calculation, Unique Selling Proposition (USP): Examples & Definition, What Is Product Placement? Look through financial records. A. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 29. 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. When calculating an amount, ask yourself what it will cost to hire someone to replace your spouse and perform all the tasks your non-working spouse does throughout the day. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 57. 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. It also collected $820 of Pledges Receivable that were unrestricted. Insurance Premium 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. Your premium will not increase when you renew it. You may not purchase insurance once your term ends. Insurance Need: ? Which of the following is NOT a type of permanent life insurance? False. A. This next method is for those with just one wage earner in the family. It's 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.