Which of the followings is NOT correct about lifeinsurance?a. To meet an insured person's debtsand other financial commitments inthe event of death.b. To pay for urgent medical expensesto save the life of an insured personif that is needed.c. To provide a financial benefit todependents upon premature deathof an insured person.d. To provide a sum of money if aninsured person got a fire in hisfactory.

The question is multiple choice question. Required Which of tje following is not correct about life…

Answered: Which of the followings is NOT correct…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter12: Life Insurance Planning

Section12.3: Understanding Your Life Insurance Policy

Problem 6CC

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uge to or loss of a dwelling and personal property of of g protects the beneficiary against the financial aspects of a traffic accident. TUSS, damage, or injury. May result in either financial gain or financial loss. 24. Financial service used to protect against loss. 25. Completion Amount of money or other services to which you are entitled under the terms of your insurance policy. Complete each statement. 26. A(n) endorsement 27. The Premium is an attachment to existing insurance coverage. is the amount the insured pays for insurance coverage. 28. The amount the insured is responsible for paying when a claim is made is the deductible 29. The process of documenting a loss against an insurance policy is called filing a(n) Claim 30. depreciation is a decrease in the value of property as a result of age or wear and tear. 31. The replacement cost minus depreciation is known as actual cash value 32. All 50 states have financial responsibility laws that require drivers to show proof of…
Which of the following statements about "Waiver of Premium due to Disability" is false? A) Disability must occur before a stated date B) The insured has to die while disabled C) There is a waiting period D) It has to be attached to a life insurance policy
Placing the insured in the same position financially as he or she or it was in immediately before the loss or damage took place. For this purpose, the insurance companies are: a. Paying compensation to the insured b. Paying commission to the insured c. Paying salaries to employees d. Paying commission to the agents
How does life insurance and non life insurance saves the assets of its pilicy holders? And Cite (3) examples.
When a life insurance policy lapses, it: a. benefits the insured b. benefits neither the insurer nor the insured. c. benefits the insurer d. benefits both the insurer and the insured
When planning life insurance coverage, you should differentiate between ongoing expenses and expenses that are considered "one-time". a) True b) False
What are some factors that go into calculating life insurance for a client? 0 ☐ Current life insurance death benefit amount (s) if any survivor income and resources Expenses to cover Life expectancy of survivor Life expectancy of contingent beneficiary
The following are excluded from gross income, except: a. Proceeds of life insurance policy received by the beneficiary upon death of insured b. Compensation for injuries, sickness, or death c. Amount received by the insured in excess of the premiums paid d. None of the above
C. a legally recognized relationship between the insured and the financial loss O D. risk that have high frequency and high severity 2. When two or more policies cover the same loss, the right of the one insurer to call upon the other to share the loss is called the principle of O A. indemnity B. subrogation O C. contribution O D. utmost good faith 3, Which of the following principles of insurance denotes a positive duty of the person seeking insurance to voluntarily disclose all material facts to the risk
The beneficiary of a life insurance policy is ________________________.
Certain Accident Benefits limits under O.A.P. 1 Owner's Policy can be increased or extended at the option of the insured. Which one (1) of the following benefits CANNOT be changed? Death and Funeral Benefits. Income Replacement Benefit. Caregiver Benefit for Catastrophic Injuries. Disability Benefit after Age 65.
If you will suggest to someone, which is better to have a life insurance or non life insurance?

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