$86,000 C. $98,000 D. $172,000 E. $217,000. \textbf{STEINER COLLEGE}\\ So with funeral expenses of $10,000, your life insurance requirement is: This next method is for those with just one wage earner in the family. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. If you are looking for life insurance, you probably realize the need to secure your family financially, but if you are married, your safety net is probably incomplete unless your spouse also has an adequate life insurance coverage to take care of your familys overall financial needs. Lastly, it allows you to keep your future obligations: college, paying off debts, weddings, bar mitzvahs and bat mitzvahs, sweet sixteens, and all the other things that you want to do for your kids. E. An insurance company will calculate the annual amounts to pay each person for an annuity. $13,000 B. 74. The Policy Term, Premium Payment Term and the premium payment mode remains the same for the Spouse, as yours. D. Term. Under this method, the original principal that you save will still remain at the end of the income period. Your spouse expects to continue It is better to fund a fixed annuity before fully funding your IRA, Keogh, or 401(k). NOT INSURED BY ANY STATE OR FEDERAL AGENCY. A Limited Payment Policy is a while life policy that requires premiums to be paid for a certain period. False. Easy method B. Dual income, no kids method C. Formal calculation method D. Nonworking spouse method E. Family needs method, 28. Insurance Need: ? The companys cost of doing business. One of the most common questions we hear is, Can my non-working spouse qualify for life insurance? The answer is yes! \end{array} Of the following, which one is the most positive feature of whole life insurance? Its free, with no obligation. insurance needs for a family whose youngest child is 5 years 37. A. A. Factors That Affect Life Insurance Premiums Nonworking spouse method is a type of insurance policy where without working you can support your children until they turn 18 years old. Answer . Let's review. If the policy exists, you can ask if you're a beneficiary. Benefits of Life Insurance The cholesterol level in children follows a normal distribution with a mean level of 175mg/dL175 \mathrm{mg} / \mathrm{dL}175mg/dL and a standard deviation of 35mg/dL35 \mathrm{mg} / \mathrm{dL}35mg/dL. ECON 150 Chapter 12 Sample Questions-1.rtf, What is a government Can you think of a reason why we need a government We need, Adjusted Net IncomeLoss and Adjusted Diluted EPS from Continuing Operations The, Analytical approach with clearly and highly articulated recommendatio ns, Which of the following would be the most appropriate advice to give her A Take 2, 6 DML price variance 0 DML efficiency variance 18000U 7 DML flexible budget, Dim statements into comments by adding an apostrophe at the beginning of the, INT 220 Module Two Assignment Template (1).docx, A glucose B fructose C galactose D sucrose E lactose 81 The following are, Vancouver BC Canada Food 1 50K 70K San Andres DF Mexico Food 0 10K 30K Portland, youth_athlete_sports_performance_nutrition_questionnaire_v2.doc, for the compromise or arrangement According to this section 1 In the given case, Formative Assessments_ A Tool for Teacher and Student Development.pdf, B Topic Concept 181 Skill ApplicationAnalysis A geneticist introduces a. Straight life. A. 42. Estimating Your Life Insurance Requirements(continued) The "Nonworking" Spouse Method. 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. makes about $38,000 annually. '`Wb L@b[[s8M,I=s:sr<3Y=w0&)_f& (_X>pO&|`r;ZXeEP4DDi_/%"M{s1&E^}W>f,Kc,$vt ls-`p]s+>hBQ/nmBNO`majcNz@vr2LvDZ \NTef9F+ The premium shall be adjusted on the due date even if it has been received in advance. Collection of advance premium shall be allowed within the same financial year for the premium due in that financial year However, where the premium due in a financial year is being collected in previous financial year, the premium may be collected for a maximum period of three months in advance of the due date of the premium. \quad\text{Accounts payable and accrued liabilities}&&\text{\$\hspace{5pt}21,130}\\ B. Wendy has had a life insurance policy for five years. Do both you and your spouse need life insurance? A. He forgot to tell them that he had a heart condition, and, as a result of that condition, he recently died. Bill is worried about being able to pay his premium if he is totally and permanently disabled before age 60. An individual can take out a loan on his or her term policy. Income replacement is one of the main reasons many people, especially those who have loved ones depending on them financially, have life insurance. In other words, if a person's death would cause you significant financial hardship, it's an insurable interest. Estimate how much life insurance Tim and Allison should carry. Find the factor on the chart where the nonworking spouse's age intersects with the working spouse's income from the column on the left 3. We look forward to speaking with you. Required Reserve Ratio Formula | How to Calculate Required Reserves, Monthly Payment Formula | How to Calculate Loan Payments. During the year, charges for tuition and fees were $244,500; scholarships were$16,300; and tuition waivers for scholastic achievement were $5,100. When calculating an amount, ask yourself what it will cost to hire someone to replace your spouse and perform all the tasks your non-working spouse does throughout the day. You can get your paper edited to read like this. Most modern insurance covers let you add your spouse under the same policy for an additional premium, often lower than your own premium. \text{Pledges receivable (net of doubtful accounts of \$280)}&&\text{5,872}\\ Determine an estimated regression equation that can be used to predict the overall score given the score for Shore Excursions. Which method are they using to determine their life insurance needs? Call the State Commissioner's Office for your State. This is a method that has you multiplying the number of years it takes the youngest child to reach 18 by $10,000. Most participating policies are sold by: 102. Focus on Personal Finance: Online Textbook Help, Life Insurance Companies: Definition & Types, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, How to Estimate Life Insurance Requirements. Agency Problem in Finance Overview, Duties & Examples | What is the Agency Problem? The rule of 70 is a calculation to determine how many years it'll take for your money to double given a specified rate of return. This method is called the non-working spouse method. C. Your premium will be the same for the duration of your policy. Georgia was supposed to pay her premium by the 15th of the month. If you are a family and either you or your spouse stays home with the children, it is most likely that only the working souse has life insurance coverage because thats the case with most families in our country. Steiner is a private college. Allowed whole life insurance policies to be sold. 76. A. Which of the following statements is incorrect? 81. Who will receive the benefits from her policy? Diffusion Let us complete them for you. Life expectancy for men is longer than that for women. B. Donald and Charlene are married and do not have any children. Please check your entries and try again. This method is called the non-working spouse method. Life insurance policies, even joint policies, are rated based on your age, health conditions and coverage amount. This is also the most thorough method. They plan to purchase life insurance using this formula: (18 Youngest childs age) $10,000. All rights reserved. And a term insurance cover for house makers, non-working spouses, or say a housewife, proves helpful exactly here, ensuring your family tides over the financial damages in case something unfortunate happens. Using the "Nonworking" Spouse Method to Determine Life Insurance Needs. However, at a minimum, you should consider the financial value of child care, house care, and other domestic services that your spouse has been taking care of at present. 5% B. It will have a lower coverage amount and a waiting period (usually 2 year). B. The settlement option in which the company acts as trustee and pays interest to the beneficiary is called A. Lump-sum payment. 48. Marianne and Roger are in good health and have reasonably secure careers. A deferred annuity allows an individual to receive payments from an annuity at some future date. Bonnie is most concerned about being able to buy additional insurance without undergoing medical exams. 25,00,000 which will remain same throughout the Policy Term. D. A fixed annuity is one where the investments made into the annuity are variable. If you mean you want to add life insurance coverage for your new spouse on your life insurance policy, you can contact your life insurance agent or carrier and request what it would cost to add a spouse rider for life insurance coverage to your existing policy. This term life policy will guarantee that you will pay the same premium for the duration of your policy. Related to the expenses incurred: prepaid assets of $534 were used,$4,776 of the expenses were accrued, and the remaining expenses were paid. They plan to purchase life insurance using this formula: Current income 7 70%. But life insurance rates can vary dramatically among applicants, insurers and policy types. What are the four methods of determining life insurance needs? At minimal, you want a policy to provide at least 5 years worth of income replacement, until you can balance out things. The rule of 70 and the rule of 72 give rough estimates of the number of years it would take for a certain variable to double. Get unlimited access to over 88,000 lessons. Step 1 Non-working spouse method: This method is form of insurance coverage that allows you to s. This communication strictly intended for individuals residing in the states of CA, CO, CT, DC, DE, FL, GA, IL, LA, MA, ME, NC, NH, NJ, NM, NY, OH, PA, RI, SC, TX, UT, VA. No offers may be made or accepted from any resident outside these states due to various regulations and registration requirements regarding investment products and services. 36. If their youngest child is 5 years old, how much do they need? What happens if you don't pay your health insurance deductible? If, for example, your account earns 4 percent, divide 72 by 4 to get the number of years it will take for your money to double. Group life C. Limited life D. Universal life E. Variable life, 52. C. Pay for a vacation. 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). B. All guarantees are based on the continued claims paying ability of the issuing company. Solved Using the "nonworking" spouse method, what should be - Chegg b. the number of each item you have in stock Securities offered through Purshe Kaplan Sterling Investments, MemberFINRA/SIPCHeadquartered at 80 State Street, Albany, NY 12207. Limited installment payment. Something went wrong. A. Adjustable life B. The sooner a person is likely to die, the lower the premiums he or she will pay, Life expectancy for men is longer than that for women. . Protection against loss of life for a specified term. 73. $343,000 C. $490,000 D. $700,000 E. $750,000, 85. Life insurance benefits may be used to pay off a home mortgage or other debts at the time of death. What method. 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. succeed. This next method is for those with just one wage earner in the family. \end{array} C. A life insurance policy allows the beneficiary to receive proceeds at some future date. 25. 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