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FSU RMI 3011 Final Exam RMI 3011 Florida State University - Questions with complete solution $13.49   Add to cart
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FSU RMI 3011 Final Exam RMI 3011 Florida State University - Questions with complete solution
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FSU RMI 3011 Final Exam RMI 3011 Florida State University - Questions with complete solution A Savings Incentive Match Plan for Employees (SIMPLE) - correct answer This plan is limited to employers that employ 100 or fewer employees and do not maintain another qualified plan A simplified emplo...

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  • November 30, 2024
  • 6
  • 2024/2025
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FSU RMI 3011 Final Exam Questions
with complete solution
A Savings Incentive Match Plan for Employees (SIMPLE) - correct answer
✔This plan is limited to employers that employ 100 or fewer employees and
do not maintain another qualified plan


A simplified employee pension(SEP) - correct answer ✔a retirement plan in
which the employer contributes to an IRA established for each eligible
employee.


Keogh plans - correct answer ✔Retirement plans for the owners of
unincorporated business firms are commonly called


A Section 403(b)plan - correct answer ✔a retirement plan designed for
employees of public educational systems and tax-exempt organizations.


Pension Protection Act of 2006 - correct answer ✔increases the funding
obligation of employers.


Vesting - correct answer ✔refers to the employee's right to the employer's
contributions or benefits attributable to the contributions if employment
terminates prior to retirement.


An ordinary life policy is appropriate when - correct answer ✔lifetime
protection is needed and can be used to save money-A major limitation is that
some people are still underinsured after the policy is purchased


The net amount at risk is the difference between - correct answer ✔the legal
reserve and the face amount of insurance.

, The insurer's legal reserve - correct answer ✔a liability that must be offset by
sufficient financial assets - state law requires how it is invested.


Under the original-age method, the premium charged for the new policy is
based on the insured's - correct answer ✔original age when the term
insurance was first purchased


Convertible policies - correct answer ✔policy can be exchanged for a cash-
value policy without evidence of insurability


To minimize adverse selection, many insurers have an age limitation beyond
which renewal is not allowed (T/F) - correct answer ✔True


The human life value approach - correct answer ✔The amount needed
depends on the insured's human life value, which is the present value of the
family's share of the deceased breadwinner's future earnings


Two approaches can be used to estimate the amount of life insurance to own
- correct answer ✔Human Life Value and Needs


Under a unit-benefit formula, both earnings and years of service are
considered. (T/F) - correct answer ✔True


In a defined-benefit plan, the retirement benefit is known, but the contributions
- correct answer ✔will vary depending on the amount needed to fund the
desired benefit.


To justify the purchase of insurance, (2) - correct answer ✔1) person has to
have earning capacity

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