Life insurance Questions and Answers Rated A+

Life insurance Questions and Answers Rated A+ lucas owns a property that he uses as his principal residence. he resides in the property with his 20 yrs old son Jake. the property has $250,000 mortgage registered against it. upon his death, lucas would like to gift the property to his son takes over the mortgage lucas is retired and collect OAS and CPP but not enough to cover his monthly expenses. Jake earns $100,000 a year but has a bad credit history. however, jake is able to pay the mortgage. which of the following financial impacts of death should be of the most concern? a. loss of lucas' income b. debit repayment c. capital gains tax on residence d. non of the above b. debit repayment what are the two ways of looking at the risk of death? life expectancy probability of death (mortality) explain lfie expectancy the average number of years a person of a group & age can expect to live explain probability of death (mortality) the chance of which a person of a group & age could die within that age what are the financial impact of death? final expenses estate protection estate creation loss of income loss of caregiver business protection explain final expenses funeral, probate, taxes explain estate protection debt repayment and income taxes explain estate creation education, legacy or charitable giving explain loss of income supporting the family expenses explain loss of caregiver taking care of the dependents explain business protection key person insurance, buy sell agreements what are the situations when life insurance is not that important if there are sufficient funds/ coverage to cover needs upon death if there are no obligation/ responsibilities (like debt, taxes, family) what are the different types of risk management risk avoidance risk retention risk reduction risk transfer explain risk avoidance don't do it explain risk retention take risk explain risk reduction take safety explain risk