Personal Finance (6th Edition) (Pearson Series in Finance)
6th Edition
ISBN: 9780134082561
Author: Jeff Madura
Publisher: PEARSON
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Question
Chapter 13, Problem 1RQ
Summary Introduction
To discuss: The purpose of life insurance and discuss whether everyone requires life insurance.
Expert Solution & Answer
Explanation of Solution
The life insurance gives payment to a particular beneficiary during the death of the policyholder. It permits the individuals to remove or substantially decrease the financial effects of their death on dependents. The life insurance is mainly significant to safeguard a financial situation of the family in few happenings that when the breadwinner of a family dies, expenditures like medical expenses or burial expenses might be covered by the life insurance. If nobody depends on the income of the individual, then life insurance might not be required.
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Students have asked these similar questions
How much life insurance does an individual need?
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Chapter 13 Solutions
Personal Finance (6th Edition) (Pearson Series in Finance)
Ch. 13 - Prob. 1RQCh. 13 - Prob. 2RQCh. 13 - Prob. 3RQCh. 13 - Prob. 4RQCh. 13 - Prob. 5RQCh. 13 - Prob. 6RQCh. 13 - Prob. 7RQCh. 13 - Prob. 8RQCh. 13 - Prob. 9RQCh. 13 - Prob. 10RQ
Ch. 13 - Prob. 11RQCh. 13 - Prob. 12RQCh. 13 - Prob. 13RQCh. 13 - Prob. 14RQCh. 13 - Prob. 15RQCh. 13 - Prob. 16RQCh. 13 - Prob. 17RQCh. 13 - Prob. 18RQCh. 13 - Prob. 19RQCh. 13 - Prob. 20RQCh. 13 - Prob. 21RQCh. 13 - Prob. 22RQCh. 13 - Prob. 23RQCh. 13 - Prob. 24RQCh. 13 - Prob. 25RQCh. 13 - Prob. 1FPPCh. 13 - Prob. 2FPPCh. 13 - Prob. 3FPPCh. 13 - Prob. 4FPPCh. 13 - Prob. 5FPPCh. 13 - Prob. 6FPPCh. 13 - Prob. 7FPP
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Similar questions
- What were your feelings about your need for life insurance before you read this chapter? What are they now? What is the difference between Term and whole life insurance? Which one do you prefer? and why?arrow_forwardIf you will suggest to someone, which is better to have a life insurance or non life insurance? Justify.arrow_forwardwhat is life insurancearrow_forward
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