Exam (elaborations)
RMI 211 Test Questions And Answers Latest Update
- Course
- RMI 211
- Institution
- Missouri State University
RMI 211 Test Questions And Answers Latest Update
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RMI 211 Test 4 2024-2025 Questions AndAnswers Latest Update
Needs approach - the financial needs that must be met if the family head were to
die
needs approach calculation should consider: - estate clearance fund
readjustment period
dependency period
blackout period
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, special needs funds
retirement needs
estate clearance fund - Or cleanup fund is needed immediately when the family
head dies. Immediate cash is needed for burial expenses; uninsured medical bills;
installment debts; estate administration expenses; and estate, inheritance, and
income taxes.
readjustment period - One- to two-year period immediately following the
breadwinner's death during which time the family should receive approximately
the same amount of income it received while the breadwinner was alive.
dependency period - The period until the youngest child reaches age 18
blackout period - the period from the time that Social Security survivor benefits
terminate to the time the benefits are resumed
calculation for needs approach - total needs-what you have today=amount of
insurance needed
legal reserve - a liability that must be offset by sufficient financial assets
net amount of risk - the difference between the legal reserve and face amount of
insurance
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