Steiner Colleges statement of financial position for the year ended June 30, 2019, is presented here. One of our associate will call you back shortly. Investors in the Scheme are not being offered any guaranteed / assured returns. 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. The death benefit will be increased by the amount of an outstanding policy loan. Annuity Formula, Calculation & Examples | What is an Annuity? 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. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method. It also collected $820 of Pledges Receivable that were unrestricted. D. Life income option. Which of the following is the process of getting oxygen from the environment to the tissues of the body? NOT FDIC INSURED. A. Each of you Sell you the highest level of coverage available. 78. Of the following, which one is the most positive feature of whole life insurance? \text{Prepaid assets}&&\text{1,364}\\ E. Child. How to Estimate Life Insurance Requirements - Study.com D. Decreasing term. Futures Contract in Finance Purpose & Examples | What Are Futures? If you have a renewable term policy, A. A. Waiver of premium disability benefit B. Under this method, the original principal that you save will still remain at the end of the income period. Limited installment payment. You have a gross annual income of $62,000. B. [Content_Types].xml ( Y0}GM Which statement is correct regarding mutual life. Fell free get in touch with us via phone or send us a message. Which of the following is a poor choice for the amount of protection offered for an individual? Another name for a straight term policy is A. Renewable term. Which of the following provisions allows her to keep her coverage if she is a couple of weeks late with paying her premium? The non-working spouse method is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. False. Now, if it's just you and your spouse, you can use the DINK method. 2,10,000, (excluding taxes) premium payment term 10 years and policy term 20 years. 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. This is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. D. A benefit during the period it covers, such as 1, 5, 10, or 20 years. \qquad\text{Total net assets}&&\underline{\text{\hspace{5pt}333,940}}\\ A. A process has specification limits of LSL 5 540 and USL 5 550. This method has you multiplying your annual gross income by 70% and then multiplying that by 7. She, wants to determine her insurance needs. Preserved the tax advantage of annuities but curtailed deductions for IRAs. insurance needs for a family whose youngest child is 5 years Option to add Optional In-Built Covers or choose a Benefit Payout Option other than Lumpsum is not available to non-Working Spouse. Bill is worried about being able to pay his premium if he is totally and permanently disabled before age 60. In this case, 18 years. \text{Tuition and fees receivable (net of doubtful accounts of \$12)}&&\text{230}\\ Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 64. If you are new to Smallwood Wealth schedule a Wealth Curve Conversation. Competition among companies with comparable policies can affect the price a company charges for life insurance. Is life insurance for married couples cheaper? What kind of policy would you want to purchase? Life Insurance Underwriting Can you get life insurance on a spouse? B. Renewable term. Multiply the number of years until the youngest child reaches 18 by $10,000. 97. Allison is a "nonworking" spouse who devotes all of her time to household activities. D. Spend money. 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. Allowed whole life insurance policies to be sold. refunds of$11,200 were given. B. What kind of policy would she want to purchase? $13,000 B. 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. The rule of 70 is a means of estimating the number of years it takes for an investment or your money to double. Using the nonworking spouse method what should be the life insurance Pay off a mortgage. 25,00,000 which will remain same throughout the Policy Term. If you are new to Smallwood Wealth schedule a Wealth Curve Conversation here. Using the DINK method, what should be your need for life insurance? Claim Settlement Ratio Use the easy method to determine how much insurance she should carry. 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. Which of the following statements is correct? \textbf{STEINER COLLEGE}\\ Continuing a mini-series on life insurance, he discusses life insurance for spouse (who does not work or who works part-time). What happens if you don't pay your health insurance deductible? E. Convince you to buy the policy that will pay her the highest commission. She does not want to take a medical exam to get coverage because she has some underlying health conditions and is concerned that she might not qualify for a policy. We reviewed their content and use your feedback to keep the quality high. Estimating Life Insurance Needs Using the DINK Method You Life expectancy for men is longer than that for women. was specifically designed for someone in her situation? Amy has a master's degree in secondary education and has been teaching math for over 9 years. Which method are they using to determine their life insurance needs? Can I stay on my parents insurance if I file taxes independently? Using the DINK method, what should be your need for life insurance? \quad\text{Total assets}&&\underline{\underline{\text{\$\hspace{1pt}455,670}}}\\[5pt] 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. c. the charge per 100 pounds to ship goods by truck 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. Anita is a "nonworking" spouse who devotes all of her time to household activities. Which method are they using to determine their life insurance needs? Both you and the spouse are covered throughout the policy term for your respective separate sums assured. What kind of policy is he planning to purchase? Its free, with no obligation. C. Moodys. She was recently divorced. Estimate your total Which of the following riders should she consider? MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL. See Answer After you purchase a life insurance contract, you have a "free look" period that lasts A. D. Standard & Poors. 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} What are the stages of the General Adaptation Syndrome (GAS)? E. 60 days. C. The mortality rate it expects among its policy holders. What is the amount of life insurance they should carry using the "nonworking" spouse method? 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? Besides getting money into the family, the non-working spouse holds a responsibility for everything that doesnt offer bonus, perks, and promotions. Wendy has had a life insurance policy for five years. Solved Problem 12-10 Using the "Nonworking" Spouse Method to | Chegg.com 80. 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. Using the "nonworking" spouse method, what should, be the life insurance needs for a family whose youngest, 94. E. Made all annuities tax free. But from a financial perspective, it does not have to be a crisisif you have good planning. E. The policy requires that you pay a specified premium each year for the rest of your life. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 63. The human-life approach is a method of calculating how much life insurance is needed for a family that is based upon their financial loss when the insured person in the family passes away. T&C Apply. Goods & Services Tax will be charged on the premium amount. An immediate annuity allows an individual to receive payments from an annuity beginning at once. 1.5 lacs under Income Tax Act, 1961 and tax benefit may vary from assessee to assessee. 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. You and your spouse are in good health and have reasonably secure jobs. E. Cash value life. Carton is 0.75 m by 0.6 m by 0.8 m. As a member, you'll also get unlimited access to over 88,000 Your annual premium is $1,000. Fixed annuity B. Using the sample chart that follows, find the column showing the age of the nonworking spouse 2. A person who is named to receive the benefits from an insurance policy is a(n) A. You can convert your policy to a permanent type at the end of the term. The premium so collected in advance shall only be adjusted on the due date of the premium. C. A life insurance policy allows an individual to receive payments from an annuity at once. D. You must pay interest on any outstanding policy loans. Which of the following is NOT a type of permanent insurance? ht _rels/.rels ( J1!}7*"loD c2Haa-?_zwxm Your spouse expects to continue Using the nonworking spouse method, what should be the life insurance needs for a Your spouse expects to continue to work after your death. Factors That Affect Life Insurance Premiums Such advance premium, if any, paid by the Policyholder shall not carry any interest. to work after your death. C. Final life payment. To unlock this lesson you must be a Study.com Member. 60. 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. Which of the following households most likely has the greatest need for life insurance? Not necessarily. C. Your premium will be the same for the duration of your policy. 2. $18,000 C. $50,000 D. $130,000 E. $180,000, 84. A. The timing for payments of a variable annuity are variable. 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. \quad\text{Unearned revenue}&&\text{900}\\ Purchasing a life insurance policy is a basic and inexpensive task. C. Tell you why her product is better than the competitors. Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy, 34. This gives you 7 years of wages at 70%. \quad\text{Without donor restrictions}&\text{\$\hspace{1pt}104,000}\\ 69. Which method are they using to determine their life insurance needs? You are the wage earner in a typical family, with $55,000 gross annual income. Your annual income is $100,000. . lessons in math, English, science, history, and more. 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. Using the "nonworking" spouse method, what should be the life insurance need for a family whose youngest child is 10 years old? This method is called the non-working spouse method. 25% C. 50% D. 75% E. 95%, 32. 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. I highly recommend you use this site! Ask a Family Member's Financial Advisor. The investment risk in investment portfolio is borne by the policyholder. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 28. For example, say. $343,000 C. $490,000 D. $700,000 E. $750,000, 85. Whole life B. Renewable term C. Convertible term D. Decreasing term E. Multiyear level. D. Your premium will not increase when you renew it. Which of the following riders would allow her to receive cash now? 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. D. An annuity is more advisable for people in poor health than for those who are likely to live longer than average. Chapter 10 True False Flashcards | Quizlet Of course, it would be a tragedy were something to happen to your spouse. Protection against loss of life for a specified term. 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? What is a Rider on a Life Insurance Policy? Term insurance C. Whole insurance D. Variable annuity E. 401(k), 77. The rule of 70 and the rule of 72 give rough estimates of the number of years it would take for a certain variable to double. There are many situations to consider, and the methods you just heard about may or may not fit your needs. 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. Allison is a "nonworking" spouse who devotes all of her time to household activities. You policy will continue for one year. 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. Group life C. Limited life D. Universal life E. Variable life, 50. Jumping the Wealth Curve with Edward E. Bao Jr. Bonnie is most concerned about being able to buy additional insurance without undergoing medical exams. 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It helped me pass my exam and the test questions are very similar to the practice quizzes on Study.com. D. Household with children. Using the nonworking spouse method, what should be the life Quantitative Literacy Ch. 12 - Quantitative Literacy: CH- 12 Using You heard about several methods you can use to calculate your life insurance needs. A. E. Proceeds left with the company. Your rates will vary based on your unique circumstances, just as they would if you were single. nonworking spouse whose youngest child is 5 years old? What is Life Insurance? The second is the DINK method. 99. Answered: Shaan and Anita are married and have | bartleby
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