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Danial, 25, lives with his mother, Maria, who is 65 years old. Maria has been unemployed for a long time and is economically dependent on Danial. Maria has health issues, and no changes in her employment status are expected. She owns the house that she and Danial live in. The current value of this house is RM180,000. Danial works as a cashier, and his monthly income is RM1,200. a. What type of family do Danial and his mother represent? b. Does Danial or his mother need life insurance? c. What type of life insurance is required to meet the needs for Maria's protection in case of Danial's pre-mature death?

Danial, 25, lives with his mother, Maria, who is 65 years old. Maria has been unemployed for a long time and is economically dependent on Danial. Maria has health issues, and no changes in her employment status are expected. She owns the house that she and Danial live in. The current value of this house is RM180,000. Danial works as a cashier, and his monthly income is RM1,200. a. What type of family do Danial and his mother represent? b. Does Danial or his mother need life insurance? c. What type of life insurance is required to meet the needs for Maria's protection in case of Danial's pre-mature death?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Danial, 25, lives with his mother, Maria, who is 65 years old. Maria has been unemployed for a long time and is economically dependent on Danial. Maria has health issues, and no changes in her employment status are expected. She owns the house that she and Danial live in. The current value of this house is RM180,000. Danial works as a cashier, and his monthly income is RM1,200. a. What type of family do Danial and his mother represent? b. Does Danial or his mother need life insurance? c. What type of life insurance is required to meet the needs for Maria's protection in case of Danial's pre-mature death?
Transcribed Image Text:Danial, 25, lives with his mother, Maria, who is 65 years old. Maria has been unemployed for a long time and is economically dependent on Danial. Maria has health issues, and no changes in her employment status are expected. She owns the house that she and Danial live in. The current value of this house is RM180,000. Danial works as a cashier, and his monthly income is RM1,200. a. What type of family do Danial and his mother represent? b. Does Danial or his mother need life insurance? c. What type of life insurance is required to meet the needs for Maria's protection in case of Danial's pre-mature death?
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