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RMI 3011 Jones Exam 3 RMI 3011 Florida State University -Question and answers verified to pass $13.49   Add to cart
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RMI 3011 Jones Exam 3 RMI 3011 Florida State University -Question and answers verified to pass
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RMI 3011 Jones Exam 3 RMI 3011 Florida State University -Question and answers verified to pass Blended family vs sandwich family (LI) - correct answer Blended = divorced and remarried sandwich = grandparents come back to life with parents Human Life Value Approach (LI) - correct answer pre...

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  • December 1, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • rmi 3011 jones exam 3
  • rmi 3011 jones exam 3 question and answers verifie
  • rmi 3011 jones exam 3 rmi 3011 florida state unive

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RMI 3011 Jones Exam 3 Question and
answers verified to pass
Blended family vs sandwich family (LI) - correct answer ✔Blended = divorced
and remarried
sandwich = grandparents come back to life with parents


Human Life Value Approach (LI) - correct answer ✔present value of all future
earnings


Needs Approach (LI) - correct answer ✔-measures EXISTENCE AND
EXTENT of need


-needs of surviving family


Blackout period (LI) - correct answer ✔when surviving spouse doesn't have
children at home and hasn't reached retirement age, can't collect certain
monies until retirement age


Capital Retention Approach - correct answer ✔-preserves the capital needed
to provide interest income to the family
-must determine needs


Life Insurance characteristics (LI) - correct answer ✔-Purpose is to
REPLACE INCOME
-claims of creditors protected
-sometimes contract of indemnity
-proceeds are typically income tax free

, Yearly renewable term insurance (LI) - correct answer ✔-renew policy every
year
-premium exponentially increases
-premium calculated at each age
-benefit uncertain


Level Premium (normal life insurance) (LI) - correct answer ✔"financing plan
to level mortality costs"
-purpose: lifetime protection
-By-product: cash values
-overpayment in early years


Matured vs paid-up (LI) - correct answer ✔-Matured: ready to be cashed
-paid up: all premiums paid


executive policies (LI) - correct answer ✔-premiums get higher and higher
and then cap out
-good for newly grads expecting to make a lot of money


First to Die vs Second to Die (LI) - correct answer ✔-FTD: done for
retirement considerations. doesn't matter who dies first, gives money to
remaining person
STD: done for estate planning. when 2nd dies, money gets passed on


Universal Life Insurance (LI) - correct answer ✔-unbundling concept: what
am I paying for
-interest made can pay for future premiums

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