Marcus Johnson has a life insurance policy that allows him to change his policy to fit his changing needs. He can change either the premium he pays or the period of coverage. What type of insurance does Marcus likely have? Multiple Choice Ordinary whole life Limited payment life Variable life Adjustable life Universal life E
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Marcus Johnson has a life insurance policy that allows him to change his policy to fit his changing needs. He can change either the premium he pays or the period of coverage. What type of insurance does Marcus likely have? Multiple Choice Ordinary whole life Limited payment life Variable life Adjustable life Universal life E
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- Like Term Life Insurance, there are several variations of Permanent Life Insurance. Let's focus on the two most popular: Whole life insurance, and Universal life insurance. Select the aspect on which the policies generally differ. Cash value account (i.e. for funding future premiums) Management of the cash value account Death benefit (i.e. insurance payout) RenewabilityIn the event that a policy owner elects the paid-up insurance option A) The premiums stop and the policy continues for the full face amount until age 65 B) The insurance continues at a reduced amount and with a reduced premium C) The policy will automatically terminate The premiums cease and protection continues with a reduced amount D) of coverageYou drive a 4 year old truck valued at $15,000. You have a $70,000 personal automobile policy with $12,000 per-person medical payments coverage and both collision ($500 deductible) and comprehensive coverage. Your neighbor drives a five-year old SUV valued at $10,000. Your neighbor has a 25/50/15 automobile policy with $15,000 in medical payments coverage and both collision ($200 deductible) Early one morning your neighbor was driving down the street while you were driving the opposite way to drop your friend off at her house and your neighbor swerved into your lane and struck your vehicle. Below you will find the damage caused by the accident:Your Bodily Injury: $7,000Your Friend’s Bodily Injury: $25,000Your Car: $8,500Neighbor’s Bodily Injury: $3,000Neighbors Car: $9,000Using the information above, find the following:a) How much will your policy pay for your bodily injury? blank1 - Numeric Answer Please type your answer to submit b) How much will your policy pay for your…
- why and how can guaranteed issue (cannot be denied insurance due to pre-existing conditions)Imagine 5 different events that would cause losses that would be covered by renter's insurance. Write a one-sentence description of each event and a description and estimate of the amount of losses that would result if you experienced the event.a life insurance policy that provides protection for insured's whole life with level premium for a limited number of years Universal life Variable life Limited pay life Adjustable life FOCUS
- Briefly define and then describe the differences between HMOs an FFS insurance plans. How do HMOs contain costs? What are some of their flaws?.A mortgage loan in which a large portion of the borrowed principal is repaid at the and of the loan period is known as at A) FHA mortgage. B) balloon mortgage. C) qualified mortgage. D) deferred-payment mortgage.Calculate the category expense contribution for insurance.
- 113 A balloon payment can be risky for a consumer if the property value falls or: A) the consumer falls to maintain the property. B) the consumer has had more than two x 30- day late payment. C) the consumer's financial condition declines. D) the consumer's credit score drops below the score used to approve the loan.Suppose you are 45 and have a $410,000 face amount, 15-year, limited-payment, participating policy (dividends will be used to build up the cash value of the policy). Your annual premium is $1,435. The cash value of the policy is expected to be $16,400 in 15 years. Using time value of money and assuming you could invest your money elsewhere for a 7 percent annual yield, calculate the net cost of insurance. Use (Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, Exhibit 1-D)You are a risk manager of a school bus company in Hong Kong, your boss owns over 1,000 school buses. During COVID 19, almost all the school buses parked in no covered car park every day because students no need to be back to school. Your boss is considering a partial retention program for physical losses to the school buses. a) Identify the factors that your company should consider before it adopts a retention program for physical damage losses to school buses. b) If a retention program is adopted, what are the various methods you can use to pay for physical damage losses to school buses? c) Identify two risk-control measures that could be used in your company’s retention program for physical damage losses