RMI 3011 Quiz 5 Jones Question and
answers already passed
What are the perils affecting income? - correct answer ✔- Premature Death
- Disability
- Old Age
- Poor Health
- Unemployment
What is Premature Death? - correct answer ✔The death of a family head
with outstanding unfulfilled financial obligations.
What are the costs of premature death to the family? - correct answer ✔-
The family's share of the deceased breadwinner's future earnings is lost
forever.
- Results in additional expenses such as funeral costs, uninsured medical
bills, higher childcare expenses, estate settlement costs, and other final
expenses.
- Because of insufficient income, some families will experience a substantial
reduction in their standard of living.
- Survivors face certain non-economic costs such as intense grief, loss of a
parental role model, and counselling and guidance for the children.
Chance of dying is economic Justification of Life Insurance because: - correct
answer ✔- The purchase of life insurance is economically justified if the
, insured has earned income, and others are dependent on those earnings for
part or all their financial support.
- If a family head dies prematurely with dependents to support and
outstanding financial obligations, the surviving family members are exposed to
great economic insecurity.
- Life insurance can be used to restore the family's share of the deceased
breadwinner's earnings.
What is the financial impact of premature death on a individual who is single?
- correct answer ✔- Premature death of single people with no dependents to
support or other financial obligations is not likely to create a financial problem
for others.
- This group does not need large amounts of life insurance.
What is the financial impact of premature death on a single parent? - correct
answer ✔- Premature death of the single parent can cause great economic
insecurity for the surviving children.
- The need for large amounts of life insurance on the family head is great.
What is the financial impact of premature death on couples with dual income,
no kids (DINKs)? - correct answer ✔
What is the financial impact of premature death on a traditional married family
with children? - correct answer ✔- If the working spouse dies with an
insufficient amount of life insurance, the family may have to adjust its standard
of living downward.
answers already passed
What are the perils affecting income? - correct answer ✔- Premature Death
- Disability
- Old Age
- Poor Health
- Unemployment
What is Premature Death? - correct answer ✔The death of a family head
with outstanding unfulfilled financial obligations.
What are the costs of premature death to the family? - correct answer ✔-
The family's share of the deceased breadwinner's future earnings is lost
forever.
- Results in additional expenses such as funeral costs, uninsured medical
bills, higher childcare expenses, estate settlement costs, and other final
expenses.
- Because of insufficient income, some families will experience a substantial
reduction in their standard of living.
- Survivors face certain non-economic costs such as intense grief, loss of a
parental role model, and counselling and guidance for the children.
Chance of dying is economic Justification of Life Insurance because: - correct
answer ✔- The purchase of life insurance is economically justified if the
, insured has earned income, and others are dependent on those earnings for
part or all their financial support.
- If a family head dies prematurely with dependents to support and
outstanding financial obligations, the surviving family members are exposed to
great economic insecurity.
- Life insurance can be used to restore the family's share of the deceased
breadwinner's earnings.
What is the financial impact of premature death on a individual who is single?
- correct answer ✔- Premature death of single people with no dependents to
support or other financial obligations is not likely to create a financial problem
for others.
- This group does not need large amounts of life insurance.
What is the financial impact of premature death on a single parent? - correct
answer ✔- Premature death of the single parent can cause great economic
insecurity for the surviving children.
- The need for large amounts of life insurance on the family head is great.
What is the financial impact of premature death on couples with dual income,
no kids (DINKs)? - correct answer ✔
What is the financial impact of premature death on a traditional married family
with children? - correct answer ✔- If the working spouse dies with an
insufficient amount of life insurance, the family may have to adjust its standard
of living downward.
