- Study guides, Class notes & Summaries

What are the three types of disability income insurance policies? - ANS - Cancellable - Guaranteed Renewable - Non-Cancellable Cancellable disability insurance is issued on a "class" basis. A class is formed when people are grouped together by age, gender, occupation, or type of plan. When the claims for the class are higher than anticipated, this type of policy can be cancelled, the premiums can be increased, the benefits reduced, or restrictions imposed by the insurer. Guaran...

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19 pages

Written in 2023/2024

Grade A+

DocLaura

The _______ of the various provinces define what is considered to be "accident and sickness" (A&S) insurance. - ANS Insurance Companies Acts A&S insurance includes the following: - ANS o Benefits for loss due to accidental bodily injury to the life insured; o Benefits for loss due to accidental death of the life insured; o Benefits for loss resulting from the sickness or disability of the life insured; o Benefits for loss due to the death of the life insured; o Benef...

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15 pages

Written in 2023/2024

Grade A+

DocLaura

A licensed insurance agent is meeting his client to discuss her critical illness insurance needs. Out of the following list, what factor is least important to be taken into consideration in the fact-finding interview? - ANS Sources of earned income Out of the following list, which is least important to be taken into consideration in a fact-finding interview with a client interested in accident and sickness insurance? - ANS Investment objectives Clay, an insurance agent,...

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6 pages

Written in 2023/2024

Grade A+

DocLaura

Rhonda and Karl are equal partners of an accounting business. Their business is currently worth $3,000,000, and their annual business expenses are $240,000. They share the business expenses equally. The couple wants to have a buy-sell agreement in place in the event that one of them is disabled for more than one year. Rhonda and Karl also state that they are each responsible for 50% of their clients. If one of them were to become disabled, the clients would move over to another accounting busine...

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18 pages

Written in 2023/2024

Grade A+

DocLaura

Question 1 Denis is self-employed. Last year, his business generated total revenues of $250,000 and operating expenses of $120,000. Denis also received $5,000 in dividends paid by a multinational in which he has shares. He contacts you to purchase the maximum individual disability insurance coverage. In this situation, what income amount do you use to calculate the maximum benefits Denis will be entitled to? a) $255,000. b) $135,000. c) $130,000. d) $125,000. - ANS Corre...

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67 pages

Written in 2023/2024

Grade A+

DocLaura

A&S Exam (Accident And Sickness) Latest Questions With 100% Correct Answers!!

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110 pages

Written in 2023/2024

Grade A+

EvaTee