François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and expenses. 4. No. Thomas' death would not result in loss of income for the family. 2 3. ΟΟΟΟ Bethenny meets with Harrison, an insurance agent, to review her life insurance needs. Bethenny is a single mother of a 3-year-old daughter named Emma. Bethenny's main concern is that Emma is taken care of financially if Bethenny were to die prematurely. Emma's father Steve suffers from chronic alcoholism and is homeless. He has not been present in Emma's day-to-day life. After careful analysis, Harrison suggests that Bethenny purchase a $250,000 20-year term insurance policy. Given Bethenny's situation, who should she name as a beneficiary on her policy? Select one correct answer from the list 1. Her estate. 2. 3. 4. Emma. A trustee. Steve. ΟΟΟΟ
François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and expenses. 4. No. Thomas' death would not result in loss of income for the family. 2 3. ΟΟΟΟ Bethenny meets with Harrison, an insurance agent, to review her life insurance needs. Bethenny is a single mother of a 3-year-old daughter named Emma. Bethenny's main concern is that Emma is taken care of financially if Bethenny were to die prematurely. Emma's father Steve suffers from chronic alcoholism and is homeless. He has not been present in Emma's day-to-day life. After careful analysis, Harrison suggests that Bethenny purchase a $250,000 20-year term insurance policy. Given Bethenny's situation, who should she name as a beneficiary on her policy? Select one correct answer from the list 1. Her estate. 2. 3. 4. Emma. A trustee. Steve. ΟΟΟΟ
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to
assess their life insurance needs. The Fortins are a single-income family with two children: a two-year-
old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable
work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not
earn an income. Annie's income is sufficient to cover the family's savings and expenses.
During the meeting, François gathers relevant information to assess the loss of income that would
result from Annie's death. Should François also assess the financial impact that would result from
Thomas's death?
Select one correct answer from the list
1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis
Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income.
No, Annie's income already covers the family's savings and expenses.
4. No. Thomas' death would not result in loss of income for the family.
2
3.
ΟΟΟΟ
Transcribed Image Text:Bethenny meets with Harrison, an insurance agent, to review her life insurance needs. Bethenny is a
single mother of a 3-year-old daughter named Emma. Bethenny's main concern is that Emma is taken
care of financially if Bethenny were to die prematurely. Emma's father Steve suffers from chronic
alcoholism and is homeless. He has not been present in Emma's day-to-day life. After careful analysis,
Harrison suggests that Bethenny purchase a $250,000 20-year term insurance policy. Given Bethenny's
situation, who should she name as a beneficiary on her policy?
Select one correct answer from the list
1. Her estate.
2.
3.
4.
Emma.
A trustee.
Steve.
ΟΟΟΟ
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education