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You and your spouse are in good health and have reasonably secure jobs. Which of the following riders provided an additional benefit for his heirs? Estimate how much life insurance Tim and Allison should carry to cover Allison. The DINK method has you adding half of all your debts to your funeral expenses. Fixed Annuities are long-term insurance products. Which of the following is a charge you will pay when you purchase a variable annuity? E. Made all annuities tax free. An error occurred trying to load this video. Riders in Insurance Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method. D. Life income option. B. 2,10,000, (excluding taxes) premium payment term 10 years and policy term 20 years. He forgot to tell them that he had a heart condition, and, as a result of that condition, he recently died. 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. A. Adjustable life B. 5EPhGD!A'b1^:x[)(2##19pH`G0v#/(5;dI(D A. The ending balance in Accounts Payable and Accrued Liabilities was$1,935. 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. Now, if it's just you and your spouse, you can use the DINK method. He has since died. Protection against loss of life for a specified term. Using the nonworking spouse method, what should be the life A. But life insurance rates can vary dramatically among applicants, insurers and policy types. A. Waiver of premium disability benefit B. Everyone is impacted by these 5 problems. Nonworking spouse method is a type of insurance policy where without working you can support your children until they turn 18 years old. 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. 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. Earnings Per Share Overview & Formula | How to Calculate EPS, Capital Budgeting Decisions | Examples, Techniques & Analysis, Activity-Based Costing | Formula, Examples & Benefits. A. Ben. The goal of this approach is to replace the primary breadwinner's salary for a predetermined number of years. When using the rule of 70, the number 70 is used in the calculation. C. Your premium will be the same for the duration of your policy. PERSONAL FINANCE TIPS DELIVERED DIRECTLY IN YOUR INBOX, By submitting your name and email you are allowing us to store your personal data and send you emails. False. Allison is a "nonworking" spouse who devotes all of her time to household activities. A. How long is the grace period for health insurance policies with monthly due premiums? Not necessarily. Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document issued by the insurance company. Replacement value is a method for determining what an insurance company will pay you in case your property is stolen or destroyed. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits. Which of the following provisions allows her to keep her coverage if she is a couple of weeks late with paying her premium? What is a Rider on a Life Insurance Policy? E. An immediate annuity allows an individual to receive payments from an annuity beginning at once. 73. nonworking spouse whose youngest child is 5 years old? E. Independently wealthy adult. A. 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. Factors That Affect Life Insurance Premiums C. Moodys. C. Retired couple with a pension. Besides getting money into the family, the non-working spouse holds a responsibility for everything that doesnt offer bonus, perks, and promotions. B. The rule of 70 is a calculation to determine how many years it'll take for your money to double given a specified rate of return. E. Proceeds left with the company. 72. A. Which of the following is NOT a type of permanent life insurance? 81. Using the "nonworking" spouse method, what should be the life insurance need for a family whose youngest child is 10 years old? Can someone be denied homeowners insurance? Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, determine the minimum amount of life insurance you should carry, the easy method to determine how much life insurance you should carry. Amy has a master's degree in secondary education and has been teaching math for over 9 years. Whole life. B. This is also the most thorough method. Which of the following policies should she buy? copyright 2003-2023 Study.com. Holding Period Return (HPR) Formula & Examples | What is HPR? B. B. B. C. Administrative fee. 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. A. E. 60 days. The return on its investments. If their youngest child is 5 years old, how much do they need? 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. A. 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. Your annual income is $100,000. The companys cost of doing business. E. All of these. STEINERCOLLEGEStatementofFinancialPositionJune30,2019(amountsinthousands)\begin{array}{c} Catherine Carey has made the choice to stay home, and raise her three kids while her husband works. C. Decreasing term. 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. Fixed annuity B. Sum Assured fixed at Rs. \text{Pledges receivable (net of doubtful accounts of \$280)}&&\text{5,872}\\ f. include taxes, storage fees, and handling costs, Purchasing a life insurance policy is a basic and inexpensive task, Life insurance benefits may be used to pay off a home mortgage or other debts at the time of death, 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, Life insurance is a wise purchase of all individuals, The "Nonworking" spouse method of estimating life insurance includes factors such as Social Security and liquid assets, The "Family Need" method of estimating life insurance includes factors such as social security and liquid assets, Decreasing term pays less to the beneficiary as time passes, The beneficiaries of someone who dies by suicide will never be eligible to receive any benefits from his or her life insurance policy, Competition among companies with comparable policies can affect the price a company charges for life insurance, An interest-adjusted index is a method evaluating the cost of life insurance by taking into accounting the time value of money, The lower the interest-adjusted index, the lower the cost for 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, The most common settlement option for a life insurance program is the lump-sum payment, If you switch life insurance policies, you will automatically still be insurable, Annuities are more attractive for people who expect to live only a short time, The earnings from an investments in an annuity is taxed the same as earnings from an investment in the certificate of deposit, An administrative fee of $150 per year may be deducted to cover record-keeping and other administrative expenses related to a variable annuity, When you buy life insurance, you are making a contract with the company issuing the policy where you agree to pay a premium periodically, If you have misplaced a life insurance policy, your state's insurance commission may be able to help you locate it, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. Group life B. Experts are tested by Chegg as specialists in their subject area. 74. Which of the following is NOT important when buying life insurance? Group life C. Limited life D. Universal life E. Variable life, 50. How to estimate life insurance requirements for a non working spouse? What is your life insurance need using the DINK method? You have to drive them to and from school, oversee homework and music practice. age 35 may expect to live. Which of the following statements is incorrect? It is important to replace all of the income lost when an employed family member dies when using the human-life approach. $140,000 B. Collections on Tuition and Fees Receivable totaled$222,600. There are many situations to consider, and the methods you just heard about may or may not fit your needs. Pay off a mortgage. D. Decreasing term. D. An annuity is more advisable for people in poor health than for those who are likely to live longer than average. During the year, charges for tuition and fees were $244,500; scholarships were$16,300; and tuition waivers for scholastic achievement were $5,100. This next method is for those with just one wage earner in the family. 93. U ^s1xRpbD#rYNrJC.aeD=U]Sik@X6G[:b4(uH%-+0A?t>vT9. This website helped me pass! 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. Use the multiple of income method to D. Household with children. She may need to change her coverage as her needs change. Enrolling in a course lets you earn progress by passing quizzes and exams. How much term does a non-working spouse get? Your premium may increase if you continue it for another term because you will be older. Which of the following is NOT a factor that affects the price a company charges for a life insurance policy? A. 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We want to help you with that. Variable life C. Universal life D. Adjustable life E. Decreasing term life. E. All of these affect the price. 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. 12-3 \quad\text{Total assets}&&\underline{\underline{\text{\$\hspace{1pt}455,670}}}\\[5pt] lessons in math, English, science, history, and more. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 55. E. Cash value life. C. It is more expensive than term insurance. 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. Using the "nonworking" spouse method, what should be the life insurance needs for a family whose youngest child is 5 years old? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. All guarantees are based on the continued claims paying ability of the issuing company. Allison is a "nonworking" spouse who devotes all of her time to household activities. \quad\text{With donor restrictions}&\underline{\text{\hspace{5pt}229,940}}\\ A. With the right term insurance policy in place, stay prepared for any adversity. The premiums & funds are subject to certain charges related to the fund or to the premium paid. The rule of 70 is a means of estimating the number of years it takes for an investment or your money to double. 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 Is life insurance for married couples cheaper? MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL. Your spouse expects to continue A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 57. It provides both a death benefit and a savings component. Tim and Allison are married and have two children, ages 3 and 6. C. The policy owner can borrow any amount up to the cash value of the policy. Which method are they using to determine their life insurance needs? Fixed Insurance products and services offered through Ash Brokerage or Smallwood Associates, Ltd. ht _rels/.rels ( J1!}7*"loD c2Haa-?_zwxm Steiner is a private college. method, what should be your need for life insurance? Term insurance for non-working spouse in India will be of great help. Diffusion Let us complete them for you. Frank, age 38, was hit by a car and died. '`Wb L@b[[s8M,I=s:sr<3Y=w0&)_f& (_X>pO&|`r;ZXeEP4DDi_/%"M{s1&E^}W>f,Kc,$vt ls-`p]s+>hBQ/nmBNO`majcNz@vr2LvDZ \NTef9F+ 82. Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy, 34. If you have a renewable term policy, A. It helped me pass my exam and the test questions are very similar to the practice quizzes on Study.com. \text{Investments (at fair value, cost of \$162,000)}&&\underline{\text{\hspace{5pt}158,400}}\\ You can convert your policy to a permanent type at the end of the term. 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. \text{Prepaid assets}&&\text{1,364}\\ The process standard deviaton Using Exhibit 12-1, determine the life expectancy of a 40-year-old male. Your annual premium is $1,000. Amy bought a life insurance policy and named Ben as her beneficiary. Of the following, which one is the most positive feature of whole life insurance? Quickly and professionally. D. Spend money. Which of the following statements is correct? Which statement is correct regarding mutual life. Annuity Formula, Calculation & Examples | What is an Annuity? Institutional support 28,500. What is Life Insurance? 59. Jeff Willis has five kids and more debt than the, average family. 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. Which method are they using to determine their life insurance needs? A. the near future. The first is the easy method. This gives you seven years of wages at 70%. They plan to purchase life insurance using this formula: (18 - Youngest child's age) $10,000. DESIGNED BY: INTERSOFT ASSOCIATES. Answer . Estimate how much life insurance Tim and Allison should carry. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family need method, 31. 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. Can I stay on my parents insurance if I file taxes independently? \textbf{June 30, 2019}\\ Net deposits returned to students totaled $10. \quad\text{Bonds payable}&&\underline{\text{\hspace{10pt}99,000}}\\ Estimate your total ^Individual death claims settled and reported in public disclosures for FY 2021-22. determine the minimum amount of life insurance you should carry. \quad\text{Unearned revenue}&&\text{900}\\ \quad\qquad\text{Total liabilities and net assets}&&\underline{\underline{\text{\$\hspace{1pt}455,670}}}\\ This method is called the non-working spouse method. For example, say you're the only one working in your family and your youngest child is three. 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. Your spouses cover must be useful to pay for childcare expenses and all the help you need around the house.