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ISR3702 Assignment 2 Semster 2 2024 R51,02   Add to cart

Exam (elaborations)

ISR3702 Assignment 2 Semster 2 2024

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Question 1 (46 marks) Latu Life Insurance Company provides financial services in the Republic of South Africa. In January 2024 the company received the following applications: 1.1 Indicate an appropriate life policy or policies for each application and substantiate your answer. (22) 1.2 Class...

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  • September 12, 2024
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ISR3702

Assignment 2

Semester 2

2024

, Question 1


1.1 Appropriate Life Policy for Each Application
1. Presh (24, Female, Construction Worker, Net Worth: R560,000,
Dependants: 2)
o Policy Recommendation: Term Life Insurance
o Substantiation: As a young individual with dependants, a term life
insurance policy would provide financial security to Presh’s dependants
in the event of her premature death. This is an affordable option for a
construction worker, and the cover can be aligned with her net worth.


2. Premita (36, Male, Lawyer, Net Worth: R330,000, Dependants: 1)
o Policy Recommendation: Whole Life Insurance
o Substantiation: Given his profession and age, a whole life insurance
policy ensures lifelong coverage and builds cash value. This policy
would provide a safety net for his dependant, even beyond his working
years.


3. Kgabu (48, Male, Medical Doctor, Heart Attack, Net Worth: R1 million,
Dependants: 0)
o Policy Recommendation: Critical Illness Insurance
o Substantiation: Due to his previous heart attack, Kgabu should
consider critical illness insurance, which provides a lump-sum payout if
he is diagnosed with another serious condition. It complements regular
life insurance by specifically addressing his health risks.


4. Tshivhase (56, Male, Teacher, Diabetes, Net Worth: R203,000,
Dependants: 0)
o Policy Recommendation: Final Expense Insurance
o Substantiation: Given his age, occupation, and medical condition
(diabetes), a final expense insurance policy is appropriate. It covers
funeral costs and other final expenses, ensuring that he leaves no
financial burden on others.

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