Viggo meets with his insurance agent Lars to review his life insurance needs. Viggo consistently earns over $200 000 yearly as a freelance writer but his income varies month to month. He mentions to Lars that he is worried about the increase in the prices of many goods and services over time and he would like the value of his death benefit to keep up with the economic situation. Lars determines that Universal life insurance would best suit his needs. Taking into consideration Viggo's concerns, what death benefit option should Lars suggest? Select one correct answer from the list 1. Level death benefit 2. Level death benefit plus account value 3. Level death benefit plus cumulative premiums 4. Indexed death benefit O O Harper owns a $400,000 permanent life insurance policy with an accumulated cash surrender value of $50,000. She had named her husband Victor the beneficiary of the policy. When Victor died last month of prostate cancer, Harper designated the Canadian Prostate Cancer Foundation as the new revocable beneficiary on the policy. Which of the following statements about this designation is CORRECT? Select one correct answer from the list 1. The Canadian Prostate Cancer Foundation will be the new policyholder. 2. Harper will receive a tax receipt for $50,000. 3. Harper can change the beneficiary designation anytime. Upon Harper's death, her estate can allocate the donation on her last three taxation years. 4. 000 0
Viggo meets with his insurance agent Lars to review his life insurance needs. Viggo consistently earns over $200 000 yearly as a freelance writer but his income varies month to month. He mentions to Lars that he is worried about the increase in the prices of many goods and services over time and he would like the value of his death benefit to keep up with the economic situation. Lars determines that Universal life insurance would best suit his needs. Taking into consideration Viggo's concerns, what death benefit option should Lars suggest? Select one correct answer from the list 1. Level death benefit 2. Level death benefit plus account value 3. Level death benefit plus cumulative premiums 4. Indexed death benefit O O Harper owns a $400,000 permanent life insurance policy with an accumulated cash surrender value of $50,000. She had named her husband Victor the beneficiary of the policy. When Victor died last month of prostate cancer, Harper designated the Canadian Prostate Cancer Foundation as the new revocable beneficiary on the policy. Which of the following statements about this designation is CORRECT? Select one correct answer from the list 1. The Canadian Prostate Cancer Foundation will be the new policyholder. 2. Harper will receive a tax receipt for $50,000. 3. Harper can change the beneficiary designation anytime. Upon Harper's death, her estate can allocate the donation on her last three taxation years. 4. 000 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
5
Transcribed Image Text:Viggo meets with his insurance agent Lars to review his life insurance needs. Viggo consistently earns
over $200 000 yearly as a freelance writer but his income varies month to month. He mentions to Lars
that he is worried about the increase in the prices of many goods and services over time and he would
like the value of his death benefit to keep up with the economic situation. Lars determines that
Universal life insurance would best suit his needs.
Taking into consideration Viggo's concerns, what death benefit option should Lars suggest?
Select one correct answer from the list
1. Level death benefit
2. Level death benefit plus account value
3. Level death benefit plus cumulative premiums
4. Indexed death benefit
O O
Transcribed Image Text:Harper owns a $400,000 permanent life insurance policy with an accumulated cash surrender value of
$50,000. She had named her husband Victor the beneficiary of the policy. When Victor died last month
of prostate cancer, Harper designated the Canadian Prostate Cancer Foundation as the new revocable
beneficiary on the policy. Which of the following statements about this designation is CORRECT?
Select one correct answer from the list
1. The Canadian Prostate Cancer Foundation will be the new policyholder.
2. Harper will receive a tax receipt for $50,000.
3. Harper can change the beneficiary designation anytime.
Upon Harper's death, her estate can allocate the donation on her last three taxation years.
4.
000 0
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