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RMI 3011 chapter 10 RMI 3011 Florida State University -Question and answers rated A+ $12.49   Add to cart

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RMI 3011 chapter 10 RMI 3011 Florida State University -Question and answers rated A+

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RMI 3011 chapter 10 RMI 3011 Florida State University -Question and answers rated A+ life insurance - correct answer coverage on human lives The face amount - correct answer pays a specified amount of money the beneficiary - correct answer to a person or organization the insured - ...

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  • November 30, 2024
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  • rmi 3011 chapter 10
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RMI 3011 chapter 10 Question and
answers rated A+
life insurance - correct answer ✔coverage on human lives


The face amount - correct answer ✔pays a specified amount of money


the beneficiary - correct answer ✔to a person or organization


the insured - correct answer ✔a person named on the policy


Executor funds - correct answer ✔burial expenses,estate settlement costs


Income needs of financially-dependent survivors - correct answer ✔Children,
Spouse or partner, other dependents


Business-Related Exposures - correct answer ✔Dependent projects ,
replacement of key employment , ownership


Likelihood of Premature Death - correct answer ✔death prior to retirement
age


Needs of Determining Face Amounts - correct answer ✔Executor Funds,
Income Needs of financially dependent survivors, business related exposures


Human Life Value Approach - 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 ✔Life insurance coverage for a specified
period of time, less expensive than whole, no savings component


How does term insurance policy work? - correct answer ✔Policy has a set
end date, no coverage after


Duration of Term Coverage - correct answer ✔policies state a specific period


"Renewable Term" - correct answer ✔renewal/extension regardless of heath,
at certain age can no longer renew


Convertible Term - correct answer ✔policy can be converted to whole or
universal


Level Term - correct answer ✔has a constant face amount


Decreasing Term - correct answer ✔has a face amount that decreases over
the time ( works well for paying off a mortgage)


whole life insurance - correct answer ✔provide protection for entire life of the
insured, no end date, savings component, premiums set by the insurer, more
expensive than term insurance


redundant premium - correct answer ✔no use

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