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- Titan completes a $300,000 life insurance application form with his insurance agent Esther. Esther informs him that the insurer will request an attending physicians' statement (APS). Titan inquires about the purpose of an APS. Which of the following is Titan's CORRECT response? Select one correct answer from the list 1. An APS is needed to obtain a summary of Titan's medical history. 2 An APS is needed to obtain a summary of Titan's family medical history. 3. 4. An APS is needed to obtain more information about Titan's lifestyle. An APS is needed to find out why Titan's driver's license was suspended. 000 03. What percentage of Mary’s income does she spend on health insurance?Phoenix is the owner of Recycle Plus Inc. a successful recycling company. Phoenix earns over $1 million annually and currently has a $3 million universal life (UL) insurance policy through Stardust Life. After meeting with his insurance agent Leroy, he decides to apply for another UL policy for an additional $4 million death benefit. Stardust Life has a retention limit of $5 million. Assuming that Phoenix is insurable, how will Stardust Life handle the application? Select one correct answer from the list 1. They will agree to insure him for an additional $2 million but he will have to apply for the extra $2 million with another insurance company. 2. They will agree to insure him for an additional $2 million and they will ask a reinsurer to insure him for the extra $2 million. 3. They will agree to insure him for $4 million. They will refuse to insure him, and he will have to apply for insurance elsewhere. 4. 27 O O
- Ms. Tim has given birth to a baby girl who she wants to pursue medicine when she turns 18. From the birth date, she decides to set aside some money so that she can pay for her daught er's subsis- tence and accommodation expense, when she enters a university to pursue her medical degree. She anticipates that her daughter will be in the medical program for 9 years including 3 years of practical training program. Therefore, she wants to pay her daught er $6000 semi-annually and the first pay ment will be made at the age of 18. Calculate the amount Ms. Tim needs to set aside at t he birth of her daught er with 8% interest compounded quarterly.Would you help me with this problem. Thank youAt 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 $).
- Bertha is considering taking an early retirement offered by her employer. She would receive $3,000 per month, indexed for inflation. However, she would no longer be able to use the company's health facilities, and she would be required to pay her hospitalization insurance premiums of $8,000 each year. Bertha and her husband will file a joint return and take the standard deduction. She currently receives a salary of $55,000 a year. If she retires, she will spend approximately $300 less each month for commuting and clothing. Bertha and her husband have other sources of income and are in (and will remain in) the 22% marginal tax bracket. Her income tax for the current year was $8,875. She currently pays Social Security and Medicare taxes of 7.65% on her salary, but her retirement pay would not be subject to this tax. According to Bertha, she and her husband could live well if her after-tax retirement income was at least 50% of her current income. Determine what her disposable income is…Susan is in an indemnity health insurance plan that has a $500 deductible and a co- insurance percentage of 80/20. Susan falls down a flight of stairs and breaks her leg. She is hospitalized and the total cost of the hospital stay is $12,000. How much of the $12,000 is Susan responsible to pay and how much will the insurance company pay?Danny and Sandy have come to your office to discuss some retirement planning issues. Danny will be turning age 65 in five months and Sandy is currently 63. Danny has not started collecting Social Security benefits yet because he is still working, and he is unsure whether he will retire this year or wait a few more years. Sandy has never worked outside the home. If he continues to work, Danny will have health insurance for both himself and Sandy through his employer with a $250 annual per person deductible, a 90% coinsurance, and a maximum out-of-pocket limit of $5,000. Danny’s share of the premium is $50 per pay. Many of their retirement questions have to do with Medicare and health insurance because both Danny and Sandy have existing health issues. All the following statements are proper advice for you to give Danny and Sandy, EXCEPT: Danny should delay enrollment in Medicare Part B until he is no longer covered under his employer’s health plan. Sandy will be eligible for…
- Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? a. Julie paid $2,000 to the day care center and her AGI is $50,000 (all salary). b. Julie paid $10,000 to the day care center and her AGI is $50,000 (all salary). c. Julie paid $4,000 to the day care center and her AGI is $127,000 (all salary). d. Julie paid $2,000 to the day care center and her AGI is $402,000 (all salary). e. Julie paid $4,000 to the day care center and her AGI is $14,000 ($2,000 salary and $12,000 unearned income).Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $600 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $5,000 and never have to pay annual membership dues.Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it’s a great deal. Suppose that the appropriate annual interest rate is 7.4%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $600 in annual membership dues? (Note: Round your answer up to the nearest…Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $600 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $5,000 and never have to pay annual membership dues. Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it’s a great deal. Suppose that the appropriate annual interest rate is 7.4%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $600 in annual membership dues? (Note: Round your answer up to the…
