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RMI 3011 Ch. 10 RMI 3011 Florida State University -Question and answers rated A+ $12.99   Add to cart
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RMI 3011 Ch. 10 RMI 3011 Florida State University -Question and answers rated A+
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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...

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

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

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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"cash value") that can be withdrawn or borrowed against, and some have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

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