Q: When a life insurance policy lapses, it: a. benefits the insured b. benefits neither the insurer nor…
A: When insured person fails to pay the premium on insurance than it is said that policy has lapsed and…
Q: Is disaster insurance unfair to insurance companies ? Explain your answer and provide an example.
A: Disaster Insurance The meaning of disaster insurance is is different from the life insurance which…
Q: s it still beneficial for a person to have an insurance policy? Explain your answer in detail.
A: Insurance Policy - It is a written document between the insurer and policy holder. In which insurer…
Q: Which of the followings is NOT correct about life insurance? a. To meet an insured person's debts…
A: The question is multiple choice question. Required Which of tje following is not correct about life…
Q: The Patient Protection and Affordable Care Act limits the extent to which insurers may consider age…
A: Insurance is an agreement between two parties in which one party (insurance company) agrees to…
Q: How do insurance companies determine how much you should pay for your insurance coverage?
A: The amount of money paid for an insurance policy is termed as insurance premium. The premium is paid…
Q: The least expensive form of whole life insurance protection is: A. limited payment. B. term. C.…
A: Whole life insurance or straight life insurance protects the life of the covered. Both life…
Q: Term life insurance: (select all that apply) is the least expensive form of life insurance. provides…
A: There were different types of life insurance plan were available in the market. Term life…
Q: The main purpose of buying insurance is to have financial protection in case of a loss. O eliminate…
A: The answer for main purpose of buying insurance is to have financial protection in case of loss.…
Q: Loans are available from term life insurance policies. a. True b. False
A: Policy loans are not available from term life insurance policies. Because there is no cash value to…
Q: Which principles ensures that an insured does not profit by insuring with multiple insurers?
A: The Principles of Contribution ensures that an insurance that an insured does not profit by insuring…
Q: Which type of insurance has no cash value? Term life insurance Universal life insurance Variable…
A: Insurance refers to the concept of creating a policy to safeguard any sort of financial risk by…
Q: Which is Idemenity Plan and which is Managed Care Plan? Insureds create contract with an insurer…
A: Only managing the funds, not about financial planning. Financial planning also includes the steps…
Q: Name a peril that is often excluded from an home or auto insurance policy. Why is the peril…
A: Insurance is a contract that compensates the insurer against loss from specific contingencies or…
Q: Disadvantages of Whole Life insurance include... Group of answer choices -More expensive than Term…
A: Whole life insurance guarantees payment of a stated benefit for the life of the insured person. It…
Q: Discuss the potential for adverse selection when insureds exercise the renewability or…
A: In the insurance industry, adverse selection refers to situations in which an insurance company…
Q: Having convertible term life insurance is especially be nealth issues as you age. True O False
A: In this type of policy insurance company allow to change term policy to whole life insurance policy…
Q: The _______________ problem is when customers who are most likely to have a claim against an…
A: In a business, an adverse selection occurs where the knowledge distribution between the buyer and…
Q: 12. Below are the features of the insurance policy under what types of life insurance? * Low initial…
A: Term Life Insurance is type of insurance where the insured pays predetermined amount of sum to the…
Q: In the context of the health insurance and the life insurance, choose the sentence that IS NOT…
A: Health Insurance: Health insurance is a type of insurance that is taken to cover the medical costs…
Q: Why are people often willing to pay more for insurance than the expected valueof the coverage?
A: Insurance coverage is the amount of risk covered for an individual which are assured by insurance…
Q: Why do you believe auto insurance companies provide premium relief?
A: Premium relief can be defined as the concession in premium rate offered by insurance companies to…
Q: Why would insurance providers charge more for a policy holder who smokes versus one who doesn't…
A: Insurance policies such as life insurance policies and health insurance policies are basically…
Q: Which of the followings is NOT correct about life insurance? O a. To meet an insured person's debts…
A: Insurance means where insurance company agree to pay the specified amount to insured person in case…
Q: Why do we need FDIC insurance?
A: Insurance companies and agencies adopt financial strategies to manage various types of risks.…
Q: One of the purposes that deductible are used in insurance policies is to O eliminate coverage for…
A: In insurance, deductibles are expenses that a person has to bear by him/herself before the benefits…
Q: Which of the following is correct about the effect of a deductible with respect to the price of an…
A: Insurance is an agreement or a contract between two parties. An insurance contract states that one…
Q: Which of the following statements about life insurance is NOT accurate? a) permanent insurance puts…
A: Permanent life insurance is the insurance policy that covers the whole life whereas term life…
Q: e insurance and non life insurance saves the assets of its pilicy ho
A: Life insurance and nonlife insurance are two different category of insurance schemes.
Q: Please give and explain the numerical example of adverse selection that arises in life insurance…
A: In Insurance adverse selection refers to situations in which an insurance company extends insurance…
Q: Which is not a factor that will usually affect your auto insurance premium?
A: The amount of money paid for the insurance policy taken is called the insurance premium. It is the…
Q: How does the imperfect information in insurance markets cause an increase in health care costs?…
A: Imperfect information Imperfect information is referred to as the lack of information to either of…
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Solved in 3 steps
- The least expensive form of whole life insurance protection is: A. limited payment. B. term. C. universal. D. straight life.If you will suggest to someone, which is better to have a life insurance or non life insurance?If you will suggest to someone, which is better to have a life insurance or non life insurance? Justify.
- Kindly help Which of the following statements about life insurance is NOT accurate? a) permanent insurance puts a portion of the premium paid into investment which the insured then has the potential to cash in and recoup, whereas the premium paid for term insurance is simply a sunk cost for the insured . b) permanent insurance guarantees that the policy will pay out the face value to the beneficiary upon the death of the insured , whereas term insurance won't pay out anything at all once the term has finished. c) Term insurance is almost always less expensive than permanent insurance- both the monthly premium amount as well as the amount typically spent on insurance overall. d) Term insurance is simple life insurance policy that involves a less complicated contract with fewer provisions and exemptions , whereas permanent is the type of insurance that you must take care in reading the detailed fine print in the policyWhat type of life insurance policy would give you investment choice?How does Life and Non Life Insurance can save or protect the assets of its policy holders? Cite at least 3 examples each.
