Finance

Which of the following pieces of information is needed to calculate a

Which of the following pieces of information is needed to calculate a person’s human life value? A) the marital status of the person. B) the person’s estimated annual Social Security benefits after retirement. C) the person’s cost of self-maintenance. D) current outstanding debts, including mortgage debt.     ANSWER Answer: C

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Date: September 19th, 2020

Which of the following statements regarding convertible term insurance

Which of the following statements regarding convertible term insurance is true? A) Evidence of insurability must be provided to convert the policy. B) More term policies are converted using the original-age method than using the attained-age method. C) The converted coverage has a lower face amount than the term coverage. D) The annual premium for […]

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Date: September 19th, 2020

Jane purchased a $50,000 liability insurance policy from Insurer A. Fe

Jane purchased a $50,000 liability insurance policy from Insurer A. Fearing that she did not have enough liability insurance, she purchased an additional $100,000 of liability coverage from Insurer B. As a result of a negligent act, Jane was ordered to pay $75,000 in damages. Assuming the coverage from Insurer A is primary and the […]

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Date: September 19th, 2020

James purchased liability insurance with a $100,000 limit from Insurer

James purchased liability insurance with a $100,000 limit from Insurer A. When Insurer A denied a claim that James thought should be covered, he bought a second liability insurance policy with a $150,000 limit from Insurer B. Before he cancelled the policy with Insurer A, a $60,000 loss occurred. If this loss is settled on […]

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Date: September 19th, 2020

Maria’s home was damaged by an earthquake. As Maria has open-perils co

Maria’s home was damaged by an earthquake. As Maria has open-perils coverage on her home, she was surprised to learn that her loss was not covered. Which section of a property insurance policy specifies which perils, property, and types of losses are not covered? A) the declarations B) the exclusions C) the conditions D) the […]

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Date: September 19th, 2020

Roger owns some farmland that he rents to a tenant. The tenant lives i

Roger owns some farmland that he rents to a tenant. The tenant lives in an old farmhouse on the property and raises crops on the land. Roger is concerned about possible legal liability if the tenant injures someone. Roger requires the tenant to have liability insurance and to add himself to the liability coverage through […]

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Date: September 19th, 2020