ISR3702 Assignment 1 (COMPLETE ANSWERS) Semester 1 2024 (392770) - DUE 15 April 2024

ISR3702 Assignment 1 (COMPLETE ANSWERS) Semester 1 2024 (392770) - DUE 15 April 2024 ;100% TRUSTED workings, explanations and solutions. for assistance Whats-App.......0.6.7..1.7.1..1.7.3.9......... Mlindwa’s spouse, Fezi, successfully challenged Mlindwa’s testamentary will. The court deemed the will void and set it aside. There was no sale of assets from Mlindwa’s deceased estate. The deceased estate had the following liabilities, which Nongxa had to pay when winding up this estate: · R20 000 to Mokoena (beneficiary) · R180 000 to Fezi (50% share according to the marital regime) · R27 000 to the Receiver of Revenue Fezi had taken out a life policy on Mlindwa’s life for a R150 000 sum assured and was paying the premium. The couple’s child, Muvhango, was the sole beneficiary of this policy. On Mlindwa’s death the R150 000 sum assured will … a. be paid to the deceased estate. b. be paid to Muvhango. c. not be paid because the insured, Fezi, is still alive. d. not be paid because the policyholder, Fezi, is still alive. Clear my choice Question 2 Not yet answered Marked out of 1.00 Flag question Question text Mlindwa’s spouse, Fezi, successfully challenged Mlindwa’s testamentary will. The court deemed the will void and set it aside. There was no sale of assets from Mlindwa’s deceased estate. The deceased estate had the following liabilities, which Nongxa had to pay when winding up this estate: · R20 000 to Mokoena (beneficiary) · R180 000 to Fezi (50% share according to the marital regime) · R27 000 to the Receiver of Revenue The distribution of Mlindwa’s assets was done on a/an … basis. a. testate b. post-nuptial c. ante-nuptial d. intestate Clear my choice Question 3 Not yet answered Marked out of 1.00 Flag question Question text Young has been working for 30 years now and is set to retire in March 2024. Young’s financial plan includes the following life policies: Life policy Sum Assured Notes A R1 million Includes 20% of funeral benefit payable on receipt of a death certificate. B Depends on the nature of a received claim Covers health conditions, such as a heart condition or a stroke . C Fixed percentage of Young’s income Provides income during the state period of the claimed event. D R350 per day A daily benefit is paid during hospitalisation. Life policy A denotes a … a. death policy b. dread disease policy c. disability policy d. funeral policy Clear my choice Question 4 Not yet answered Marked out of 1.00 Flag question Question text Curriculum transformation refers to …_____. a. removing of stereotype against others population groups. b. to a method of achieving equity in a society. c. an internal fundamental change in beliefs of why you perform certain action d. a legislative requirement to change. Clear my choice Question 5 Not yet answered Marked out of 1.00 Flag question Question text Applications · 100 000 proposals were received. · 50% of the proposals received were from male persons aged 31. · “50% of the proposals received were from female persons aged 29. · Each proposal requires a sum assured of R15 000. Underwriting · 250 proposals received from females were declined owing to incomplete information. · 500 proposals received from males were declined owing to incomplete information. · 400 policies were not taken up by female proposers. · 800 policies were not taken up by male proposers. · Underwriting expenses are estimated at R38 300. · Investment income is estimated at R72 100. Claims · 80 claims, including 35 health claims, were received from females. · 100 claims were received from males. · 50 claims received from males could not be processed owing to incomplete information. Actuarial information Age Male deaths per 1 000 persons Female deaths per 1 000 persons 28 2.11 1.32 29 2.24 1.69 30 2.55 1.73 31 2.68 1.82 32 2.89 1.93 Accounting (actual figures) Interest income R81 600 Underwriting expenses R42 400 Reinsurance commission received R58 000 Additional information · Langa Life Underwriters provides death policies only. · All proposals were finalised within the turnaround times of Langa Life Underwriters. The total expected claims amount is _____. a. R1 995 000 b. R3 255 000 c. R1 260 000 d. R7 500 000 Clear my choice Question 6 Not yet answered Marked out of 1.00 Flag question Question text Young has been working for 30 years now and is set to retire in March 2024. Young’s financial plan includes the following life policies: Life policy Sum Assured Notes A R1 million Includes 20% of funeral benefit payable on receipt of a death certificate. B Depends on the nature of a received claim Covers health conditions, such as a heart condition or a stroke . C Fixed percentage of Young’s income Provides income during the state period of the claimed event. D R350 per day A daily benefit is paid during hospitalisation. Young instructed his family not to spend more than R40 000 on his funeral. Which of the following will fulfil Young’s wish? a. Make sure that there is a credit balance of R40 000 in the bank. account. b. Save an amount of R40 000 from the retirement income. c. Purchase a funeral policy for R40 000 sum assured. d. Do not buy a funeral policy and do not save for funeral costs. Clear my choice Question 7 Not yet answered Marked out of 1.00 Flag question Question text Young has been working for 30 years now and is set to retire in March 2024. Young’s financial plan includes the following life policies: Life policy Sum Assured Notes A R1 million Includes 20% of funeral benefit payable on receipt of a death certificate. B Depends on the nature of a received claim Covers health conditions, such as a heart condition or a stroke . C Fixed percentage of Young’s income Provides income during the state period of the claimed event. D R350 per day A daily benefit is paid during hospitalisation. 1.1 Life policy D denotes a … policy. a. funeral b. dread disease c. disability d. death Clear my choice Question 8 Not yet answered Marked out of 1.00 Flag question Question text After a bad experience during the Covid-19 pandemic, Nora has decided to improve the security and protection of her relatives. Nora’s insurance plan indicates the following: Name Age (in years) Relationship to Nora Life Policy Sum Assured Notes Aluta 5 Child funeral R30 000 n/a Vava 58 Paternal grand mother funeral R120 000 Vava pays own policy premiums Hala 61 Maternal grand father Death R180 000 n/a Erika 48 Sister n/a n/a policy beneficiary A life policy can be taken on Erika’s life if … a. Nora decides so. b. Erika is mentally and physical disabled. c. Erika agrees to be insured. d. Erika is mentally disable and parents cannot support. Clear my choice Question 9 Not yet answered Marked out of 1.00 Flag question Question text Mlindwa’s spouse, Fezi, successfully challenged Mlindwa’s testamentary will. The court deemed the will void and set it aside. There was no sale of assets from Mlindwa’s deceased estate. The deceased estate had the following liabilities, which Nongxa had to pay when winding up this estate: · R20 000 to Mokoena (beneficiary) · R180 000 to Fezi (50% share according to the marital regime) · R27 000 to the Receiver of Revenue The amount of R27 000 represents … a. pay-as-you-earn tax b. Captial gains tax c. value added tax d. estate duty tax Clear my choice Question 10 Not yet answered Marked out of 1.00 Flag question Question text Mlindwa’s spouse, Fezi, successfully challenged Mlindwa’s testamentary will. The court deemed the will void and set it aside. There was no sale of assets from Mlindwa’s deceased estate. The deceased estate had the following liabilities, which Nongxa had to pay when winding up this estate: · R20 000 to Mokoena (beneficiary) · R180 000 to Fezi (50% share according to the marital regime) · R27 000 to the Receiver of Revenue Mlindwa’s death will result in his R320 000 retirement annuity lump being paid to … a. dependants and nominees. b. creditors who submit their claims to the deceased estate. c. the Guardian’s Fund for the benefits of Mlindwa’s children. d. his deceased estate. Clear my choice Question 11 Not yet answered Marked out of 1.00 Flag question Question text Mlindwa’s spouse, Fezi, successfully challenged Mlindwa’s testamentary will. The court deemed the will void and set it aside. There was no sale of assets from Mlindwa’s deceased estate. The deceased estate had the following liabilities, which Nongxa had to pay when winding up this estate: · R20 000 to Mokoena (beneficiary) · R180 000 to Fezi (50% share according to the marital regime) · R27 000 to the Receiver of Revenue … is responsible for the payment of the deceased estate duty tax to the South African Revenue Service (SARS). a. Mokoena b. Nongxa c. Mlindwa d. Fezi Clear my choice Question 12 Not yet answered Marked out of 1.00 Flag question Question text Applications · 100 000 proposals were received. · 50% of the proposals received were from male persons aged 31. · “50% of the proposals received were from female persons aged 29. · Each proposal requires a sum assured of R15 000. Underwriting · 250 proposals received from females were declined owing to incomplete information. · 500 proposals received from males were declined owing to incomplete information. · 400 policies were not taken up by female proposers. · 800 policies were not taken up by male proposers. · Underwriting expenses are estimated at R38 300. · Investment income is estimated at R72 100. Claims · 80 claims, including 35 health claims, were received from females. · 100 claims were received from males. · 50 claims received from males could not be processed owing to incomplete information. Actuarial information Age Male deaths per 1 000 persons Female deaths per 1 000 persons 28 2.11 1.32 29 2.24 1.69 30 2.55 1.73 31 2.68 1.82 32 2.89 1.93 Accounting (actual figures) Interest income R81 600 Underwriting expenses R42 400 Reinsurance commission received R58 000 Additional information · Langa Life Underwriters provides death policies only. · All proposals were finalised within the turnaround times of Langa Life Underwriters. The total expected premium amount is _____. a. R100 000 b. R3 255 000 c. R1 995 000 d. R1 260 000 Clear my choice Question 13 Not yet answered Marked out of 1.00 Flag question Question text Mlindwa’s spouse, Fezi, successfully challenged Mlindwa’s testamentary will. The court deemed the will void and set it aside. There was no sale of assets from Mlindwa’s deceased estate. The deceased estate had the following liabilities, which Nongxa had to pay when winding up this estate: · R20 000 to Mokoena (beneficiary) · R180 000 to Fezi (50% share according to the marital regime) · R27 000 to the Receiver of Revenue Mlindwa’s spouse, Fezi, was the sole beneficiary of a R500 000 sum assured life policy taken out with the Aba Life Company. The R500 000 sum assured will be … a. excluded from Mlindwa’s deceased estate and paid directly to Fezi. b. included in Mlindwa’s deceased estate, not deducted, and be subject to the estate duty tax. c. included in Mlindwa’s deceased estate and deducted in accordance with the legal deductions. d. excluded from Mlindwa’s deceased estate and paid to the estate creditors. Clear my choice Question 14 Not yet answered Marked out of 1.00 Flag question Question text Maseko is 28 years old and recently got a well-paying job which will enable him to get married to four spouses. As this is his first job, Maseko does not have debts and has no children. Which of the following life insurance policies must he purchase? a. Whole life insurance b. Retirement c. Critical illness d. Disability Clear my choice Question 15 Not yet answered Marked out of 1.00 Flag question Question text Abigail was unable to accumulate savings to purchase life insurance policies while still employed. She will be retiring in June 2025, and is concerned about how she is going to live after retiring. Which of the following solutions will assist Abigail when she retires? a. Personal insurance b. Social insurance c. Abigail’s employer d. Commercial insurance Clear my choice Question 16 Not yet answered Marked out of 1.00 Flag question Question text Doyi finished studying and started working in February 2024 after losing his/her family, relatives, dependants due to the impact of Covid 19. Fortunately, when Doyi completed the studies did not have debts to repay. This enabled Doyi to accumulate savings at the early stage of his/her career. Which of the following life insurance policies is not appropriate for Doyi to buy? a. Disability b. Critical illness c. Retirement d. Whole life insurance Clear my choice Question 17 Not yet answered Marked out of 1.00 Flag question Question text After a bad experience during the Covid-19 pandemic, Nora has decided to improve the security and protection of her relatives. Nora’s insurance plan indicates the following: Name Age (in years) Relationship to Nora Life Policy Sum Assured Notes Aluta 5 Child funeral R30 000 n/a Vava 58 Paternal grand mother funeral R120 000 Vava pays own policy premiums Hala 61 Maternal grand father Death R180 000 n/a Erika 48 Sister n/a n/a policy beneficiary A policy is taken on the lives of grandparents because of a/an … provision. a. legal duty creating insurable interest. b. insured’s own concession c. insurable interest d. insurer's own concession Clear my choice Question 18 Not yet answered Marked out of 1.00 Flag question Question text Applications · 100 000 proposals were received. · 50% of the proposals received were from male persons aged 31. · “50% of the proposals received were from female persons aged 29. · Each proposal requires a sum assured of R15 000. Underwriting · 250 proposals received from females were declined owing to incomplete information. · 500 proposals received from males were declined owing to incomplete information. · 400 policies were not taken up by female proposers. · 800 policies were not taken up by male proposers. · Underwriting expenses are estimated at R38 300. · Investment income is estimated at R72 100. Claims · 80 claims, including 35 health claims, were received from females. · 100 claims were received from males. · 50 claims received from males could not be processed owing to incomplete information. Actuarial information Age Male deaths per 1 000 persons Female deaths per 1 000 persons 28 2.11 1.32 29 2.24 1.69 30 2.55 1.73 31 2.68 1.82 32 2.89 1.93 Accounting (actual figures) Interest income R81 600 Underwriting expenses R42 400 Reinsurance commission received R58 000 Additional information · Langa Life Underwriters provides death policies only. · All proposals were finalised within the turnaround times of Langa Life Underwriters. Which of the options provided below reflects the total expected number of claims? a. 84 b. 217 c. 133 d. 500 Clear my choice Question 19 Not yet answered Marked out of 1.00 Flag question Question text Life claims could be rejected if …_____. a. the insured refused the insurers permission to deduct outstanding premiums. b. the primary insurers failed to acquire reinsurance. c. premiums were outstanding for one month. d. a health claim is submitted for a death policy. Clear my choice Question 20 Not yet answered Marked out of 1.00 Flag question Question text Young has been working for 30 years now and is set to retire in March 2024. Young’s financial plan includes the following life policies: Life policy Sum Assured Notes A R1 million Includes 20% of funeral benefit payable on receipt of a death certificate. B Depends on the nature of a received claim Covers health conditions, such as a heart condition or a stroke . C Fixed percentage of Young’s income Provides income during the state period of the claimed event. D R350 per day A daily benefit is paid during hospitalisation. Which of the following life policies is not currently in Young’s financial plan and he/she would he need if he/she lives until retirement? a. health policy b. whole life policy c. disability income policy d. retirement policy Clear my choice Question 21 Not yet answered Marked out of 1.00 Flag question Question text Young has been working for 30 years now and is set to retire in March 2024. Young’s financial plan includes the following life policies: Life policy Sum Assured Notes A R1 million Includes 20% of funeral benefit payable on receipt of a death certificate. B Depends on the nature of a received claim Covers health conditions, such as a heart condition or a stroke . C Fixed percentage of Young’s income Provides income during the state period of the claimed event. D R350 per day A daily benefit is paid during hospitalisation. 1.1 Life policy B denotes a … . a. death b. dread disease c. disability d. funeral Clear my choice Question 22 Not yet answered Marked out of 1.00 Flag question Question text Young has been working for 30 years now and is set to retire in March 2024. Young’s financial plan includes the following life policies: Life policy Sum Assured Notes A R1 million Includes 20% of funeral benefit payable on receipt of a death certificate. B Depends on the nature of a received claim Covers health conditions, such as a heart condition or a stroke . C Fixed percentage of Young’s income Provides income during the state period of the claimed event. D R350 per day A daily benefit is paid during hospitalisation. 1.1 Life policy C denotes a … policy. a. dread disease b. disability c. death d. funeral Clear my choice Question 23 Not yet answered Marked out of 1.00 Flag question Question text Mlindwa’s spouse, Fezi, successfully challenged Mlindwa’s testamentary will. The court deemed the will void and set it aside. There was no sale of assets from Mlindwa’s deceased estate. The deceased estate had the following liabilities, which Nongxa had to pay when winding up this estate: · R20 000 to Mokoena (beneficiary) · R180 000 to Fezi (50% share according to the marital regime) · R27 000 to the Receiver of Revenue Mlindwa’s dutiable estate must have had a ... balance. a. negative b. taxable c. zero d. positive Clear my choice Question 24 Not yet answered Marked out of 1.00 Flag question Question text Applications · 100 000 proposals were received. · 50% of the proposals received were from male persons aged 31. · “50% of the proposals received were from female persons aged 29. · Each proposal requires a sum assured of R15 000. Underwriting · 250 proposals received from females were declined owing to incomplete information. · 500 proposals received from males were declined owing to incomplete information. · 400 policies were not taken up by female proposers. · 800 policies were not taken up by male proposers. · Underwriting expenses are estimated at R38 300. · Investment income is estimated at R72 100. Claims · 80 claims, including 35 health claims, were received from females. · 100 claims were received from males. · 50 claims received from males could not be processed owing to incomplete information. Actuarial information Age Male deaths per 1 000 persons Female deaths per 1 000 persons 28 2.11 1.32 29 2.24 1.69 30 2.55 1.73 31 2.68 1.82 32 2.89 1.93 Accounting (actual figures) Interest income R81 600 Underwriting expenses R42 400 Reinsurance commission received R58 000 Additional information · Langa Life Underwriters provides death policies only. · All proposals were finalised within the turnaround times of Langa Life Underwriters. Which of the options provided below represents the mortality valuation for proposals received from females? a. A surplus of R1 245 000 b. A deficit of R585 000 c. A deficit of R1 245 000 d. A surplus of R585 000 Clear my choice Question 25 Not yet answered Marked out of 1.00 Flag question Question text After a bad experience during the Covid-19 pandemic, Nora has decided to improve the security and protection of her relatives. Nora’s insurance plan indicates the following: Name Age (in years) Relationship to Nora Life Policy Sum Assured Notes Aluta 5 Child funeral R30 000 n/a Vava 58 Paternal grand mother funeral R120 000 Vava pays own policy premiums Hala 61 Maternal grand father Death R180 000 n/a Erika 48 Sister n/a n/a policy beneficiary … is the insured. a. Nora b. Vava c. Erika d. Insurer Clear my choice Question 26 Not yet answered Marked out of 1.00 Flag question Question text Mlindwa’s spouse, Fezi, successfully challenged Mlindwa’s testamentary will. The court deemed the will void and set it aside. There was no sale of assets from Mlindwa’s deceased estate. The deceased estate had the following liabilities, which Nongxa had to pay when winding up this estate: · R20 000 to Mokoena (beneficiary) · R180 000 to Fezi (50% share according to the marital regime) · R27 000 to the Receiver of Revenue The dutiable amount would have been approximately … a. R27 000. b. R33 750 c. R227 000 d. R135 000 Clear my choice Question 27 Not yet answered Marked out of 1.00 Flag question Question text Infuse African Epistemologies and philosophies within the PQM means… a. the relevance and alignment of the task with the qualification and module outcomes are ensured. b. African views and conceptualisations of knowledge are considered during programme and module design c. the welcome page and other relevant pages contain all the necessary introductory information to orient students to the blended learning environment and the learning experience in the module d. the teaching and learning approach in the programme is in line with the principles of the Unisa’s tuition policies Clear my choice Question 28 Not yet answered Marked out of 1.00 Flag question Question text After a bad experience during the Covid-19 pandemic, Nora has decided to improve the security and protection of her relatives. Nora’s insurance plan indicates the following: Name Age (in years) Relationship to Nora Life Policy Sum Assured Notes Aluta 5 Child funeral R30 000 n/a Vava 58 Paternal grand mother funeral R120 000 Vava pays own policy premiums Hala 61 Maternal grand father Death R180 000 n/a Erika 48 Sister n/a n/a policy beneficiary A policy is taken on Aluta’s life because of a/an … provision. a. legal duty creating insurable interest. b. insurable interest c. insurer’s own concession d. insured’s own concession Clear my choice Question 29 Not yet answered Marked out of 1.00 Flag question Question text Mlindwa’s spouse, Fezi, successfully challenged Mlindwa’s testamentary will. The court deemed the will void and set it aside. There was no sale of assets from Mlindwa’s deceased estate. The deceased estate had the following liabilities, which Nongxa had to pay when winding up this estate: · R20 000 to Mokoena (beneficiary) · R180 000 to Fezi (50% share according to the marital regime) · R27 000 to the Receiver of Revenue Mlindwa was married in … a. marriage in community of property b. marriage with antenuptial contract. c. marriage with accrual system d. marriage out of community of property Clear my choice Question 30 Not yet answered Marked out of 1.00 Flag question Question text Mlindwa's spouse, Fezi, successfully challenged Mlindwa’s testamentary will. The court deemed the will void and set it aside. There was no sale of assets from Mlindwa’s deceased estate. The deceased estate had the following liabilities, which Nongxa had to pay when winding up this estate: · R20 000 to Mokoena (beneficiary) · R180 000 to Fezi (50% share according to the marital regime) · R27 000 to the Receiver of Revenue Nongxa is a/an … a. Commissioner b. Executor c. Master d. Curator Clear my choice Question 31 Not yet answered Marked out of 1.00 Flag question Question text After a bad experience during the Covid-19 pandemic, Nora has decided to improve the security and protection of her relatives. Nora’s insurance plan indicates the following: Name Age (in years) Relationship to Nora Life Policy Sum Assured Notes Aluta 5 Child funeral R30 000 n/a Vava 58 Paternal grand mother funeral R120 000 Vava pays own policy premiums Hala 61 Maternal grand father Death R180 000 n/a Erika 48 Sister n/a n/a policy beneficiary The insurer will pay … in case Aluta dies. a. R50 000 b. R30 000 c. R0 d. R20 000 Clear my choice Question 32 Not yet answered Marked out of 1.00 Flag question Question text After a bad experience during the Covid-19 pandemic, Nora has decided to improve the security and protection of her relatives. Nora’s insurance plan indicates the following: Name Age (in years) Relationship to Nora Life Policy Sum Assured Notes Aluta 5 Child funeral R30 000 n/a Vava 58 Paternal grand mother funeral R120 000 Vava pays own policy premiums Hala 61 Maternal grand father Death R180 000 n/a Erika 48 Sister n/a n/a policy beneficiary ....is the policyholder. a. Grandparents b. Vava c. Nora d. Erika