Briefly explain the basic characteristics of ordinary life policies. Why does an ordinary life insurance policy...

Briefly explain the basic characteristics of ordinary life policies. Why does an ordinary life insurance policy develop a legal reserve? Explain the situations that justify the purchase of ordinary life insurance. What is the major limitation of ordinary life insurance?

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jeff jeffy answered 2 years ago

explain the basic characteristics of universal life policies?

Briefly explain the basic characteristics of long-term care insurance. 4. Explain the various definitions of disability...

Briefly explain the basic characteristics of long-term care insurance. 4. Explain the various definitions of disability that are found in disability-income insurance. 5. Explain the renewal provisions that may appear in individual health insurance policies.

Briefly discuss the types of life insurance policies offered in the US.

Richard, age 35, owns an ordinary life insurance policy in the amount of $250,000. The policy...

Richard, age 35, owns an ordinary life insurance policy in the amount of $250,000. The policy is a participating policy that pays dividends. Richard has a number of financial goals and objectives. For each of the following situations, identify a dividend option that could be used to meet Richard's goals. Treat each situation separately. a. Richard finds the premium payments are financially burdensome. He wants to reduce his annual premium outlay. b. Richard has leukemia and is uninsurable. He needs...

Pat contracts with an Ajax Insurance Company agent for a $50,000 ordinary life insurance policy.

Fact Pattern #1:Pat contracts with an Ajax Insurance Company agent for a $50,000 ordinary life insurance policy. The application form is filled in to show Pat's age as 32. In addition, the application form asks whether Pat has ever had any heart ailments or problems. Pat answers no, forgetting that as a young child he was diagnosed as having a slight heart murmur. A policy is issued. Three years later, Pat becomes seriously ill and dies. A review of the...

LIFE INSURANCE -Can you take out a life insurance policy on my life? Why or why not?...

LIFE INSURANCE -Can you take out a life insurance policy on my life? Why or why not? -Can you be a beneficiary on my life insurance policy? Why or why not? -What is the difference between term life insurance and whole life insurance? -What is meant by cash value? -What is a loan clause in a cash value policy?

The prices of life insurance policies: A. vary considerably from policy to policy. B. are relatively...

The prices of life insurance policies: A. vary considerably from policy to policy. B. are relatively the same for all policies. C. are higher for females than males. D. have remained constant over time. E. are set by the government here in the United States.

Richard age 35 owns an ordinary life insurance policy in the amount of $250,000.

Richard age 35 owns an ordinary life insurance policy in the amount of $250,000. The policy is a participating policy that pays dividends. Richard has a number of financial goals and objectives. For each of the following situations, identify a dividend option that could be used to meet Richard's goal. Treat each situation separately.*Richard finds the premium payments are financially burdensome. He wants to reduce his annual premium outlay.*Richard has leukemia and is uninsurable. He needs additional life insurance protection.*Richard...

An insurance company has written two life insurance policies for a husband and wife. Policy 1...

An insurance company has written two life insurance policies for a husband and wife. Policy 1 pays $10,000 to their children if both husband and wife die during this year. Policy 2 pays $100,000 to the surviving spouse if either husband or wife dies during this year. The probability that the husband will die this year is .011. The probability that the wife will die this year is .008. Find the probability that each policy will pay a benefit this...

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o Life Insurance Policies – Tara’s ex-spouse purchased a $100,000 term life insurance policy five years ago that had Tara named as beneficiary. Tara has a $50,000 group term life insurance policy from her employer. Tara is the insured and the owner of the policy. o Health Insurance Policy – Tara has employer-provided health insurance. The family annual deductible is $250, coinsurance is 80/20, and the family out-of-pocket stop loss is $1,000. The lifetime cap of the policy is $1M...

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