The aging of the Canadian population will strongly influence our economy. Social policies need to be re-evaluated and insurance coverage needs to be properly addressed. Mortality rates are trending upwards for all age groups.
Sandy is a financial planner. She uses statistics to illustrate the importance of life insurance for her clients. The total number of deaths per year among the Canadian population is decreasing.
Victoria and Rafael are both in their late fifties. Victoria has a part-time retail job and Rafael is currently employed as a carpenter and expects to get full CPP benefits when he retires.
Tyler and Suzie follow their financial planner's advice and implement some risk control strategies. Which of the following strategies does not fall into this category? Tyler and Suzie both purchase life insurance contracts.
Heather and Sean plan to retire in three years. They have contacted a financial planner to help them plan their insurance needs during retirement. Note Sean's after-tax income.
Derek is very selective about the type of insurance company with which he does business. Both stock life and mutual life insurance companies can issue dividends on policies.
Trevor purchased an insurance policy on the life of his son, Thor. The policy is payable to Thor's wife, Helena, upon Thor's death. This means that: Thor is the life insured and Helena is the beneficiary.
It is May 22. Laverne is currently 41 years of age and has a term insurance policy with a policy year starting July 1.
Augusto owns a term life insurance policy that he purchased 5 years ago. He has been out of the country for some time and the policy has lapsed. Resubmit the initial application for insurability purposes.
Doug purchased a term life insurance policy that his financial advisor recommended. He decided to read through the entire policy last weekend. A policy must be in effect for a minimum of 12 months before any living benefits are paid.
With mortgage rates at very low levels, Annahita and Richard have decided to pool their savings and purchase a home. While negotiating the mortgage at the local bank, the loan officer mentions the benefits of a mortgage insurance policy. The insurance plan is portable.
Stan, Charlie, Harvey, and Chris each have a child life insurance rider on their life insurance contracts. Stan's daughter, who is 10 days old.
Danielle asks her financial advisor how insurance companies calculate their premiums. Which of the following statements is FALSE? As a result of anti-discrimination laws, insurance companies are not allowed to consider the effect of gender on mortality rates when setting their insurance premiums.
Alquin is a client of yours whose term life insurance policy expires at the end of the month. If he purchases a new policy with the same company, the suicide and incontestability periods are waived.
Luigi works as a trader on the Toronto Stock Exchange. He is in his mid-forties, slightly overweight and finds the job of trading penny-mining stocks increasingly stressful. His family also has a history of heart problems. The monthly premium that Luigi pays will increase in each year of the policy.
Tim is trying to choose between purchasing an individual life insurance contract or a contract through the trade association to which he belongs. The insurance company can cancel the master policy for the association, but it must make provisions for continuing coverage of the insured individuals.
Gideon decided to have his financial advisor review the whole life insurance policy that he is considering for an investment. Only non-participating policies pay dividends.
Belinda pays a fixed monthly premium on her whole life insurance policy. The premiums are payable for her entire lifetime. A straight whole life policy.
One month, Stuart forgot to pay the premium of $56 on his whole life policy. After 30 days, the insurance company deducted $56 from the cash surrender value (CSV) as a policy loan. Automatic premium loan.
Luigi would like to purchase a permanent life insurance policy but cannot decide between a whole life and a Term-100 policy. Which of the following statements about a Term-100 policy is FALSE? The premiums are higher than on a comparable whole life policy.
English with a size of 4.3 KB.