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Julia pays $500 for an insurance policy with an
expected value of $120. Explain why this is a rational choice for Julia
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Solved in 2 steps
- Assume that you have calculated: (a) premiums for life insurance policies and (b) payments to annuitants based upon an assumption that everybody dies before attaining age 101. Now you discover that a significant number of your policy owners are likely to live beyond age 101 and some will live to age 121. How will that affect your business?You are the sole wage earner in a "typical family," with $102,000 gross annual income. Use the income replacement method to determine how much life insurance you should carry. (Omit the "$" sign In your response.) Value of Insurance $Consider a worker, Janice, who has the option to purchase DI (disability insurance) on the private market. Janice becomes disabled with probability q = 0.01. She can purchase DI by paying the premium р. If the Janice is disabled, she will earn no income. But if she is insured, she will receive a total payment of $15,000 from the insurance company (her consumption will be $15,000). If the Janice is not disabled, she earns an income of $20,000. She has utility: U = 3C3 where C is the amount of consumption. Determine the actuarially fair insurance premium, p". Write down the expected utility function for Janice if she purchases insurance at the actuarially fair price. Will Janice choose to purchase this disability insurance? Explain. What is the most she would be willing to pay for DI insurance?
- Barbara has homeowner’s insurance with $100001 face amount.She recently incurred fire damage of $50000 during the policy period. If the insurer values the home to be $150000, what would her insurance benefit before the deductible? Choices: $33334 $100000 $0 $50001You are a dual-income, no-kids family. You and your spouse have the following debts: Mortgage = $261,000; Auto loan = $10,000; Credit card balance = $2,150; and other debts = $6,200. Further, you estimate that your funeral will cost $9,000. Your spouse expects to continue to work after your death. Using the DINK method, what should be your need for life insurance? Total insurance need $ 288,350James stilton is the chiel executive officer (CEO) of RightLiving, Inc., a company that buys life insurance policies at a discount from terminally ill person and sells the policies to investors. RightLiving pays the terminally ill patients a percentage of the future dealth benefits. he patient receives the cash to use for medical and other expenses, and the investors are "gauranteed" a postive return on thier investtment. The diffrence between the purchase and sale prices is RightLiving's profit. Stilton is aware that some sick patients may obatin insurance policies through fraud (by not rvealing thier illness on the insurance appolication). An insurance company that discovers such fraud will cancel the policy and refuse to pay. Stilton bellieves that most of the policies he has purchased are ligitmate, but he knows that some are probly not. Question Would a person who aheres to the principles of rights consider it ethical for Stilton not to disclose the potential risk of…
- Cindy Schultz was recently hired at Bradonly Health Care. Cindy is in her 30s and in great health. She wants a flexible insurance plan and a tax-free savings plan. Which of the following would be the best option for Cindy? a. HDHP b. PPO c. Medicaid d. HMO9. If Diana wants a life insurance policy that will provide both a fixed death benefit and guaranteed cash value, what type of policy should she consider buying? a. annual renewable term life insurance b. universal life insurance c. whole life insurance d. variable universal life insuranceKrista and Landor are new parents. They have a two-month-old baby girl and they are considering expanding their family in the future. They have purchased life insurance with a child coverage rider in the amount of $5,000. Unfortunately, their baby girl becomes gravely ill and passes away. How will the insurer deal with their death claim relating to the child coverage rider? Select one: a. b. The insurer will pay the claim for the full amount. The insurer will pay a claim for only half of the full amount to keep the child coverage rider in force for the next child. c. The insurer will deny the claim as Krista and Landon did not purchase accidental death insurance for their
- Answer the following a. If Kathleen receives a $17,000 distribution from her traditional 401(k) account, how much will she be able to keep after paying taxes and penalties, if any, on the distribution? b. If Kathleen receives a $17,000 distribution from her Roth 401(k) account, how much will she be able to keep after paying taxes and penalties, if any, on the distribution? c. If Kathleen retires from MH and then receives a $17,000 distribution from her traditional 401(k), how much will she be able to keep after paying taxes and penalties, if any, on the distribution?Belinda, a 55 year old single woman with no dependents, has a $75,000 group term life insurance policy through her employer. Her employer pays the premiums on Belinda's group term life insurance policy. How much per year will Belinda have to include into her gross income associated with the cost of this insurance? Assume the cost of this insurance is $0.43 per month per $1,000 of coverage. Multiple Choice $0 $65 $129 None of the aboveWhich of the following statements is true regarding a Section 1035 exchange of life insurance policies? Select one 0 А. О в. If Theo enters into a 1035 exchange of his whole life policy for a variable life policy there will be no tax on the exchange and the cost basis will carry over from the old policy to the new policy. Apollo, who has surrendered his universal life policy, can accomplish a 1035 exchange by using the cash surrender value to purchase another life insurance policy within 60 days of surrender. C. Lucas can make a 1035 exchange of a policy on his life for a policy on the life of his spouse. D. Athena can exchange her annuity for a life insurance policy under a Sec. 1035 exchange.
