A. B. C. The mortality rate it expects among its policy holders. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of$26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of$4,700 ($790 was related to investments restricted for scholarships,$1,610 was related to the permanent endowment, the remainder was related to net assets without donor restrictions). True. D. You must pay interest on any outstanding policy loans. U
^s1xRpbD#rYNrJC.aeD=U]Sik@X6G[:b4(uH%-+0A?t>vT9. refunds of$11,200 were given. B. MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL. And, lastly, the family need method is a method that has you calculating your immediate needs upon death, adding it to the ongoing needs of surviving family members, and then subtracting your available assets from it. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of the following provisions will affect the amount of money his beneficiaries will receive? Sell you the highest level of coverage available. Ask to set up a Wealth Curve conversation. 43. Each plans to continue to work after the other one dies. Use the multiple of income method to $343,000 C. $490,000 D. $700,000 E. $750,000, 85. 96. Which of the following is NOT a type of permanent life insurance? Can someone be denied homeowners insurance? This is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. This is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. C. Identified annuities to be the same as certificates of deposit. Life Insurance
Dividend policy B. Nonparticipating policy C. Mutual policy D. Participating policy E. Stock policy. C. Policyholder. Polly wants the opportunity to change the amount she pays for her annual premium through the life of her insurance policy without changing her coverage. Investment Advisory Services provided by Smallwood Wealth Investment Management, LLC, an SEC registered investment advisor. An immediate annuity allows an individual to receive payments from an annuity beginning at once. A. Question: Problem 12-10 Using the "Nonworking" Spouse Method to Determine Life Insurance Needs [LO12-2] Tim and Allison are married and have two children, ages 16 and 17 . Term insurance for non-working spouse in India will be of great help. Which of the following households most likely has the greatest need for life insurance? 39. b. the number of each item you have in stock NOT INSURED BY ANY STATE OR FEDERAL AGENCY. The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020. 99. Which of the following riders provided an additional benefit for his heirs? A. E. The policy requires that you pay a specified premium each year for the rest of your life. This method is called the non-working spouse method. nonworking spouse whose youngest child is 6 years old? A. D. Spend money. succeed. A process has specification limits of LSL 5 540 and USL 5 550. If you want to purchase term insurance, you will receive all of the following except A. Investments are not FDIC- or NCUA-insured, are not guaranteed by a bank/financial institution, and are subject to risks, including possible loss of the principal invested. Which of the following riders would allow her to receive cash now? In order to have a valid policy, the owner must: To clearly illustrate your insurable interest. A. Incontestability clause B. Misstatement of age provision C. Naming a beneficiary D. Policy reinstatement E. The grace period, 56. To go deeper on the insights from Smallwood Wealth Management, request your FREE COPY of. C. The policy owner can borrow any amount up to the cash value of the policy. E. None of these is correct. D. A fixed annuity is one where the investments made into the annuity are variable. What is the amount of life insurance they should carry using the easy method? It also collected $820 of Pledges Receivable that were unrestricted. We are living in times of uncertainty. D. Limited payment. The maturity benefit is Rs. If you are new to Smallwood Wealth schedule a Wealth Curve Conversation here. For a non-Working Spouse. A. Waiver of premium disability benefit B. Which of the following is a poor choice for the amount of protection offered for an individual? Your surviving family's ongoing needs are $800,000 for your spouse's needs, and your dependent children's needs are $400,000 for a limited period of time. The premiums & funds are subject to certain charges related to the fund or to the premium paid. Using the easy Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 30. A. \quad\qquad\text{Total liabilities and net assets}&&\underline{\underline{\text{\$\hspace{1pt}455,670}}}\\ Find the symmetric intervals around the mean of 175mg/dL175 \mathrm{mg} / \mathrm{dL}175mg/dL that respectively include the cholesterol levels of 68.3%,95.4%68.3 \%, 95.4 \%68.3%,95.4%, and 99.7%99.7 \%99.7% of all children. Money Market | Graph, Demand Curve & Model, Rate of Return Formula & Examples| How to Calculate the Rate of Return, Bank Liabilities & Assets | Overview, Differences & Examples, How to Choose a Career: Guidance Counseling, Principles of Macroeconomics: Certificate Program, Principles of Microeconomics Syllabus Resource & Lesson Plans, AEPA Economics (AZ035): Practice & Study Guide, Holt McDougal Economics - Concepts and Choices: Online Textbook Help, DSST Personal Finance: Study Guide & Test Prep, Hawaii Real Estate Salesperson Exam: Study Guide & Practice, CPA Subtest III - Financial Accounting & Reporting (FAR): Study Guide & Practice, Glencoe Earth Science: Online Textbook Help, Holt McDougal Algebra 2: Online Textbook Help, McDougal Littell Algebra 2: Online Textbook Help, Create an account to start this course today. False. C. Final life payment. But from a financial perspective, it does not have to be a crisisif you have good planning. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 62. Whether you're married, domestic partners or simply sharing a life with someone you love, taking out a pair of affordable term life insurance policies can provide both financial security and peace of mind. Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2020. Which method are they using to determine their life insurance needs? What happens if you don't pay your health insurance deductible? Note: The categorization of Spouse into Working and Non-Working will be as per the Companys Board Approved Underwriting Policy (BAUP). STEINERCOLLEGEStatementofFinancialPositionJune30,2019(amountsinthousands), AssetsCashandcashequivalents$734Short-terminvestments7,666Tuitionandfeesreceivable(netofdoubtfulaccountsof$12)230Pledgesreceivable(netofdoubtfulaccountsof$280)5,872Prepaidassets1,364Property,plan,andequipment(netofaccumulateddepreciationof$104,240)281,404Investments(atfairvalue,costof$162,000)158,400Totalassets$455,670LiabilitiesandNetAssetsLiabilities:Accountspayableandaccruedliabilities$21,130Depositsheldincustodyforothers700Unearnedrevenue900Bondspayable99,000Totalliabilities127,730Netassets:Withoutdonorrestrictions$104,000Withdonorrestrictions229,940Totalnetassets333,940Totalliabilitiesandnetassets$455,670\begin{array}{lrr} Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. Which of the following allows an individual to receive an amount of income that will change based on the income received from stocks or other investments over a certain period of time, or over his or her life? The first is the easy method. the near future. Before you purchase, be sure to talk to your financial professional about the annuitys features, benefits, and fees and whether the annuity is appropriate for you, based on your financial situation and objectives. What is the amount of life insurance they should carry using the "nonworking" spouse method? 58. Group life C. Limited life D. Universal life E. Variable life, 50. Multiply the number of years until the youngest child reaches 18 by $10,000. Using the "nonworking" spouse method, what should be the life insurance need for a family whose youngest child is 10 years old? Purshe Kaplan Sterling Investments and Smallwood Wealth Investment Management, LLC are not affiliated companies. Types of Life Insurance
B. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 29. A. The insurer may tell you, or it may ask you to submit a form reporting the death. Accidental death benefit C. Guaranteed insurability option D. Cost-of-living protection E. Accelerated benefits, 61. Unit linked Insurance products are different from the traditional insurance products and are subject to the risk factors. E. Cash value life. E. A policy whose coverage stops after a period of time. If marriage has taken place after the policy commencement date, you can add the Spouse to your policy within one year from the date of the marriage. The Policy Term, Premium Payment Term and the premium payment mode remains the same for the Spouse, as yours. c. the charge per 100 pounds to ship goods by truck Fred bought life insurance when he was 47, although he told the insurance company that he was 42. Earnings Per Share Overview & Formula | How to Calculate EPS, Capital Budgeting Decisions | Examples, Techniques & Analysis, Activity-Based Costing | Formula, Examples & Benefits. E. Proceeds left with the company. D. Help you select the proper kind of protection within your financial boundaries. method, what should be your need for life insurance? The second is the DINK method. She may need to change her coverage as her needs change. Try refreshing the page, or contact customer support. Annuities are often purchased for A. The Rule of 72 is a calculation that estimates the number of years it takes to double your money at a specified rate of return. The Wealth Curve Talk with John L. Smallwood. B. Maximum amount that can be claimed as deduction for education loan, How to File ITR for Income under 2.5 Lakh, How to Reduce Tax Liability with Term Insurance, Know the Tax Benefit on Saving for Retirement, Need for a Life Insurance for the Non-Working Spouse, Making claim settlement easy for your beneficiaries, How has the occurrence of covid-19 affected insurance in INDIA, Factors That Affect Life Insurance Premiums, Reasons for Life Insurance Claim Rejection, Unclaimed Amount Movement To-senior Citizens Welfare Fund. You heard about several methods you can use to calculate your life insurance needs. How to estimate life insurance requirements for a non working spouse? Now, you take this number and subtract your available assets from this number. 75. When it comes to purchasing life insurance, you need to make sure you are purchasing enough coverage to cover all your financial needs upon your death.
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