15. In 2013, Wesley purchased an LTCI policy with a maximum benefit amount of $400,000 and a restoration of benefits period of six years. Within a few months of purchasing the policy, he fell victim to a disease that lasted for a year, during which time he received insurance benefit payments totaling $150,000. Since that time, Wesley filed no other claims. Today, what is the total amount of policy benefits available to Wesley under this policy? (Search Chapter 6) o a. $350,000 o b. $400,000 OC. $500,000 od. No further benefits are available.

15. In 2013, Wesley purchased an LTCI policy with a maximum benefit amount of $400,000 and a restoration of benefits period of six years. Within a few months of purchasing the policy, he fell victim to a disease that lasted for a year, during which time he received insurance benefit payments totaling $150,000. Since that time, Wesley filed no other claims. Today, what is the total amount of policy benefits available to Wesley under this policy? (Search Chapter 6) o a. $350,000 o b. $400,000 OC. $500,000 od. No further benefits are available.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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explain how you would position the applicable and needed insurance solutions to fit both the clients budget and needs for the following instances: Winston and Neisha have been married for almost 40 years. Neisha is 60 and Winston is 63. Neisha works in HR with her present company and has $300,000 in retirement savings. Winston works for the state government which provides him a pension of $1,500 per month (100% transferrable to Neisha) and $200,000 in a 457b plan. They have no debt and full health care benefits through Winston. They will have $2,500 per month combined Social Security income, no debt, and monthly expenses of $5,000. They plan to retire when Winston is 65 years old. Austin and Jenifer are both 35 years old with two (2) children ages 7 & 9. Austin works as an IT Manager with a medium-size firm and his salary is $120,000 annually. Jenifer stays at home with their children and works part-time earning approximately $10,000 to $15,000 a year. They had no other debt…
Rory is 64 years old and despite being retired from his occupation as an attorney, earned $27,500 in 2023 while working as a golf instructor at a local golf course. Rory's monthly retirement benefit from Social Security is normally $1,700, which totals $20,400 for the entire year. Because Rory exceeded the retirement earnings limitation, how much money will be reduced from Rory's Social Security retirement benefit for 2023? 1) $2,020 2) $3,130 3) $4,270 4) $6,260
LO.2 Alfred owned a term life insurance policy at the time he was diagnosed with a terminal illness. After paying $18,300 in premiums, he sold the policy to a company that is authorized by the state of South Carolina to purchase such policies. The company paid Alfred $125,000. When Alfred died 18 months later, the company collected the face amount of the policy, $150,000. As a result of the sale of the policy, how much is Alfred required to include in his gross income?
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LO.2Barbara incurred the following expenses during 2020: $840 dues at a health club she joined at the suggestion of her physician to improve her general physical condition, $240 for multiple vitamins and antioxidant vitamins, $3,500 for a smoking cessation program, $250 for nonprescription nicotine gum, $2,600 for insulin, and $7,200 for funeral expenses for her mother who passed away in June. Barbara's AGI for 2020 is $54,000. What is Barbara's medical expense deduction for 2020? 1
1. Robert works for American Motors. American Motors pays a $1,200 premium on Robert's health insurance in 2021. Robert has an operation on his big toe in 2021 that cost $7,200. The insurance company paid for $6,800 of it. Which one of the following is true for 2021? a.Robert must claim the $1,200 premium and the $6,800 insurance payment as income. b.Robert must claim the $1,200 premium paid by his employer as income. c.Robert must claim the $6,800 paid by the insurance company for the operation as income. d.None of these events are taxable on his 2021 return. 2. Electronically filed tax returns: a.Have error rates similar to paper returns. b.Offer faster refunds than paper returns. c.May not be transmitted from a taxpayer's home computer. d.Constitute less than 50 percent of the returns filed with the IRS. 3. John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,400 of…
Helen buys a universal life policy with $250,000 of coverage. Nineteen years after purchasing the policy, she passes away. She has a cash value amount of $21,231. Her beneficiary received death benefit proceeds of $271,231. What was the death benefit option Helen had selected? Group of answer choices Option A – Level Benefit Accidental Death Benefit Option Guaranteed Insurability Option Option B – Increasing Benefit
At age 20, Kari purchased a whole life insurance policy with face value of $370,000. She is now 35 and wants to cancel her policy. Use Table 19-3 to calculate the amount of reduced paid-up insurance to which she is entitled (in $).
Andre has an unendorsed HO-3 policy. His roof is torn off by a tornado. His limit on Coverage A is $100,000. RC of the roof is $25,000, and ACV of the roof is $22,000. RC of the covered contents damaged is $65,000, and ACV of the contents is $55,000. Ignoring the effect of any deductible, how much will his insurer pay for this loss? Please show your work.
Fifteen years ago Sam, a life insurance agent, sold his good friend Tanya a twenty year term life insurance policy in which she was both the policy holder and the life insured. Tanya designated her best friend Julia as beneficiary. Tanya died, and the insurance company received notice of her death from her executor. Given this scenario, what was the next step in this process? Select onet a. Julia had to contact the insurer to requesta claim form b. Sam contacted the insurer to request the notice of death c. The insurer contacted Sam to help Julia complete the claim form d. The insurer notified Julia so that she could complete the claim form
I just need introduction part for this question because already I have solution for this question.definetly will upvote.
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