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RMI 3011 Quiz 5 Jones RMI 3011 Florida State University -Question and answers already passed $13.49   Add to cart
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RMI 3011 Quiz 5 Jones RMI 3011 Florida State University -Question and answers already passed
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RMI 3011 Quiz 5 Jones RMI 3011 Florida State University -Question and answers already passed What are the perils affecting income? - correct answer - Premature Death - Disability - Old Age - Poor Health - Unemployment What is Premature Death? - correct answer The death of a family head ...

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  • December 1, 2024
  • 13
  • 2024/2025
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RMI 3011 Quiz 5 Jones Question and
answers already passed
What are the perils affecting income? - correct answer ✔- Premature Death
- Disability
- Old Age
- Poor Health
- Unemployment


What is Premature Death? - correct answer ✔The death of a family head
with outstanding unfulfilled financial obligations.


What are the costs of premature death to the family? - correct answer ✔-
The family's share of the deceased breadwinner's future earnings is lost
forever.


- Results in additional expenses such as funeral costs, uninsured medical
bills, higher childcare expenses, estate settlement costs, and other final
expenses.


- Because of insufficient income, some families will experience a substantial
reduction in their standard of living.


- Survivors face certain non-economic costs such as intense grief, loss of a
parental role model, and counselling and guidance for the children.


Chance of dying is economic Justification of Life Insurance because: - correct
answer ✔- The purchase of life insurance is economically justified if the

, insured has earned income, and others are dependent on those earnings for
part or all their financial support.


- If a family head dies prematurely with dependents to support and
outstanding financial obligations, the surviving family members are exposed to
great economic insecurity.


- Life insurance can be used to restore the family's share of the deceased
breadwinner's earnings.


What is the financial impact of premature death on a individual who is single?
- correct answer ✔- Premature death of single people with no dependents to
support or other financial obligations is not likely to create a financial problem
for others.


- This group does not need large amounts of life insurance.


What is the financial impact of premature death on a single parent? - correct
answer ✔- Premature death of the single parent can cause great economic
insecurity for the surviving children.


- The need for large amounts of life insurance on the family head is great.


What is the financial impact of premature death on couples with dual income,
no kids (DINKs)? - correct answer ✔


What is the financial impact of premature death on a traditional married family
with children? - correct answer ✔- If the working spouse dies with an
insufficient amount of life insurance, the family may have to adjust its standard
of living downward.

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