100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
RMI 3011 Ch. 10 RMI 3011 Florida State University -Question and answers rated A+ $12.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Florida State University
  4.  
  5. RMI 3011

Exam (elaborations)

RMI 3011 Ch. 10 RMI 3011 Florida State University -Question and answers rated A+
 1 view  0 purchase

RMI 3011 Ch. 10 RMI 3011 Florida State University -Question and answers rated A+ life insurance is an insurance contract that... - correct answer pays a specified amount of money (the "face amount") life insurance is an insurance contract that... - correct answer to a person or organization...

[Show more]

Preview 2 out of 11  pages

Document information

  • November 30, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • rmi 3011 ch 10
  • rmi 3011 ch 10 question and answers rated a
  • rmi 3011 ch 10 rmi 3011 florida state university

Written for

All documents for this subject (80)

Seller

avatar-seller
Academia199

Reviews received

Content preview

RMI 3011 Ch. 10 Question and answers
rated A+
life insurance is an insurance contract that... - correct answer ✔pays a
specified amount of money (the "face amount")


life insurance is an insurance contract that... - correct answer ✔to a person
or organization (the "beneficiary")


life insurance is an insurance contract that... - correct answer ✔when a
person named on the policy (the "insured") dies


true - correct answer ✔many different types of life insurance exist. Some
have variable face amounts, some incorporate a savings component (the
"cash value") that can be withdrawn or borrowed against, and some have
provisions that permit early payments or extend the coverage period


financial needs after death - correct answer ✔executor funds - burial
expenses, estate settlement costs


financial needs after death - correct answer ✔income needs of financially-
dependent survivors
- children
- spouse or partner
- other dependents (grandchildren, siblings, parents, friends, etc.)


financial needs after death - correct answer ✔business-related exposures
- dependent projects (e.g., client relationships)

, - replacement of key employee
- ownership


determining face amounts - correct answer ✔- needs
- human life value


needs - correct answer ✔- executor funds
- income needs of financially-dependent survivors
- business-related exposures


human life value - correct answer ✔- replace income in present value terms
- consider expected salary increases
- subtract living expenses and taxes


types of life insurance - correct answer ✔- term life
- whole life
- universal life
- other


term insurance - correct answer ✔designed to provide protection if the
insured person dies during a specified period of time


term insurance - correct answer ✔policy has a set end date, no coverage
after (can be extended)


term insurance - correct answer ✔no savings component

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Academia199. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

60904 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart