Problem 12-4 Calculating the Amount of Life Insurance Needed Using the Multiple of Income Method. [LO12-2] You have a gross annual income of $71,500. Use the multiple of income method to determine the minimum amount of life insurance you should carry. Minimum insurance need $ 715,000

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Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.