the basic purpose of insurance is to:

D'Leon's results were not satisfactory, to put it mildly. Repair: This is also another way of providing compensation. damaging actions and/or violations of contract provisions are not covered by liability insurance. \text{Increase in accounts receivable}& (280,960)\\ Insurance is a tool that can lessen ________ risk. \text { May } & 290,000 \\ A participating policy \text { July } & 295,000 \\ protection. a. financial security for dependents in the event of death. d. premium refunds. True Recently your puppy chewed up your shoes and you had to go buy another pair. e. $150,000 to Jack and $25,000 each to Mimi and Ann, Which of the following policy features allow the insured to increase coverage periodically without showing proof of insurability? b. debt liquidation. \text{Less accumulated depreciation}& 263,160& 146,200\\ \textbf{Long-Term Investing Activities}\\ c. inappropriateness for most person's life insurance needs. Principal of subrogation: The principle of subrogation enables the insured to claim the amount from the third party responsible for the loss. Depending on the type of life insurance policy and how it is used, permanent life insurance can be considered a financial asset because of its ability to build cash value or be converted into cash. It provides safety and security against special incidents. the value of something lost or damaged Life insurance needs change dramatically over one's lifetime. However, different insurers may charge different premiums for similar policies. Step 3: Outline Your Damages and Demand Compensation. OASDHI, sometimes called social security, actually refers to the following: Old-age, Survivor's, Disability, and Health Insurance, Percentcollectedinthemonthafterthesale, Percentcollectedinthesecondmonthafterthesale, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. Using EDGAR or another source, obtain the most recent proxy for Caterpillar Inc. or a different company. a. social security benefits. \end{array}} The basic purpose of insurance is to provide? The primary purpose of life insurance is to protect family members financially after one's death. d. industrial c. limited pay The life insurance needs of beneficiaries are secondary since most proceeds are paid to living policyholders. a. The basic purpose of insurance is to provide: It's a risk-management product to help cushion the financial blow of prolonged and expensive elder care or custodial care. In others, it can help cover funeral expenses or other debts. \text{Total operating costs excluding depreciation and amortization}& \$6,047,988 &\$3,222,672\\ \text{Increase in accounts payable}& 378,560\\ A life insurance policy should contain all the following except a. a decreasing premium. A person's suitcase was stolen and valuables were lost. True False Another is to protect, loss of one or more assets to include a human life, . \text{Book value per share} & \$ 4.926 & \$ 6.638\\ Long-term care insurance can cover both nursing home and home health care. The insurance policy must be in place. b. straight life. Policies with very high deductibles are typically less expensive because the high out-of-pocket expense generally results in fewer small claims. This site is using cookies under cookie policy . Sometimes, claim requests are directly submitted by medical billers in the healthcare facility and sometimes, it is done through a clearing house. Graph f(x)f(x)f(x) and locate \mu and the interval 2\mu \pm 2 \sigma2 on the graph. In what circumstance would a property insurance claim be rejected? b. e. anticipate risks. b. sex. Its aim is to reduce financial uncertainty and make accidental loss manageable. AgingClass(NumberofDaysPastDue)030days3160days6190days91120daysMorethan120daysTotalreceivablesReceivablesBalanceonDecember31$480,000100,00040,00025,0005,000$650,000EstimatedPercentofUncollectibleAccounts1%3203040. \text{Cost of goods sold} &5,528,000 &2,864,000\\ c. risk assumption. b. universal life Suppose xxx is a random variable best described by a uniform probability distribution with c=20c=20c=20 and d=45d=45d=45. \text{Gross fixed assets}& 1,202,950& 491,000\\ True a. continuous premium b. exchanged for cash. Many types of life insurance are available. Most individuals in the United States have at least one of these types of insurance, and car insurance is requiredby law. Step 1: Gather Information Needed For Your Claim. Whole life insurance is designed to provide e. Disclaimer, Which type of settlement option pays the beneficiary over a specified time frame? e. all of the above. To make up for the compensation paid, your insurer can claim the (insured) right over that third party. The insured makes regular payments. Maria's family has a health insurance plan. Which type of insurance policy would someone get to protect others only? b. whole life e. Shifts in the macro-social structure of the population. The main purpose of life insurance is to cover for the loss of income your family will experience if you die, help them pay for burial expenses and provide an income so they have some economic security. a. protection only. a. multiple indemnity 212%of82\small 2 \frac{1}{2}\% \text{ of } 82 b. whole \hline d. the contingent beneficiary or beneficiaries True False Question 9 (1 point) The basic purpose of insurance is to protect you from the results of accidental losses. Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. e. insurance. Answer: Its aim is to reduce financial uncertainty and make accidental loss manageable. Explain. \text{Common stock (100,000 shares)}& 460,000& 460,000\\ SalesCostofgoodssoldOtherexpensesTotaloperatingcostsexcludingdepreciationandamortizationDepreciationandamortizationEBITInterestexpenseEBTTaxes(40%)NetincomeEPSDPSBookvaluepershareStockpriceSharesoutstandingTaxrateLeasepaymentsSinkingfundpayments2016$6,034,0005,528,000519,988$6,047,988116,960($130,948)136,012($266,960)(106,784)($160,176)($1.602)$0.110$4.926$2.25100,00040.00%$40,00002015$3,432,0002,864,000358,672$3,222,67218,900$190,42843,828$146,60058,640$87,960$0.880$0.220$6.638$8.50100,00040.00%$40,0000, CommonStockRetainedTotalStockholdersSharesAmountEarningsEquityBalances,December31,2015100,000$460,000$203,768$663,7682016Netincome(160,176)Cashdividends(11,000)Addition(subtraction)toretainedearnings(171,176)Balances,December31,2016100,000$460,000$32,592$492,592\small{ It pays them money (called a "death benefit") they need to cover funeral expenses, mortgage payments, car payments, and other monthly bills. d. special needs of dependents. Variable life insurance if most often the best plan for most people's primary insurance needs. But what if there was a way to enjoy living benefits of life insurance during your lifetime? a. has no incontestability clause. a. lump sum. The potential of loss from a house fire is an insurable example of pure risk. \textbf{Financing Activities}\\ d. economic identification &\textbf{Shares} &\textbf{Amount}& \textbf{Earnings} &\textbf{Equity}\\ Can someone be denied homeowners insurance? a. term loans. \textbf{Operating Activities}\\ b. savings only. a. annual c. 75, 25 a. reduce costs. It reduces consumers' co-payments. &2016& 2015\\ Which questions about risk should someone ask before making a big purchase? b. \text { Dividends } & 3,000 & 2,000 \\ \hline 50, 10 In such cases, the third-party's insurance should be compensating for the losses and not the other way around! b. primarily sold to college students. All three costs have been scaled so that a comparison can be made between them. Benefits average 19% of yearly wages at ABM and 25% at Zeda. An insured usually chooses variable life insurance in order to A renewable clause After he bought a new car, Nelson purchased car insurance. The purpose of Subrogation in Insurance is to get back the money or claim paid out for damages that were caused due to a third-party's fault. Check all that apply. Thus, misfortunes that could be crushing to one can be made bearable for all. Report a concern about FINRA at 888-700-0028, Securities Industry Essentials Exam (SIE), Financial Industry Networking Directory (FIND), National Association of Insurance Commissions (NAIC) Consumer Information, Understanding Structured Notes With Principal Protection, Are You Staying Cyber Safe? They come in various forms, including term life, whole life and universal life policies. His plan is a ____ life policy. In the homeowner example, if the owner bought two $250,000 policies on his home from different companies, and a fire occurred that was covered under both policies, the owner files a claim with one company. d. multiple premium The money your loved ones receive is . d. fixed time. e. all of these. c. health status. Note that the probability that xxx assumes a value within the interval 2\mu \pm 2 \sigma2 is equal to 1. financial security for dependents in the event of death. In what circumstance would a property insurance claim be rejected? They may not have thought of their scheme as insurance, but the principle is remarkably similar to that of its modern counterpart, ocean marine insurance, as well as to that of other forms of property and casualty insurance. b. Interest only In return for a payment called a premium, the insurer assumes the risksthat is, obligates itself to pay the lossesof all the policyholders. 221%of82, The basic purpose of insurance is to provide, If two people are invited to invest and become partners in a business, the business owners will then___ the risk. 3. protection. The basic purpose of insurance is to safeguard and shield people from unexpected events , dangers , and risks. The basic purpose of all types of insurance is. \hline What Is Insurance? \textbf{Summary}\\ \textbf{Liabilities and Equity}\\ Can unmarried couples be on the same car insurance? a. flexible premiums d. income. Factor analysis. \text{EPS} &(\$ 1.602) & \$ 0.880\\ REAL PROPERTY and 2. the insured, by paying a definite amount, in exchange for an adequate consideration called as premium. \end{array}} The principle of indemnity ensures that an insurance contract protects you from and compensates you for any damage, loss, or injury. b. loss prevention. \text{2016 Net income}& & & (160,176)\\ \end{array} A. A grace period permits the policyholder to retain full protection for usually _____ after missing a payment. Universal life insurance is For example, if you own several expensive automobiles and have a history of reckless driving, you will likely pay more for an auto policy than someone with a single midrange sedan and a perfect driving record. \text{DPS} & \$ 0.110 & \$ 0.220\\ Essentially, insurance provides protection against the risk of asset losses or a decline in asset value due to some event. e. cash value. The insured party must experience a covered loss. The fundamental purpose of insurance is to spread out the risk of individual investments among many parties to reduce the risk to any individual member of the pool in the event that an investment fails. Let's dig into Insurance 202: the basic types of insurance. That company will pay out the $250,000 to the owner. \text{Balances, December 31}, 2016& 100,000& \$460,000 &\$ 32,592& \$ 492,592\\ \text{Total current assets}& \$1,926,802& \$1,124,000\\ True The basic purpose of insurance is to protect you from losses protect your health protect your income shield you from bad decisions Question 2 (1 point) Spreading risk among a large number of people is a major principle of insurance. Write out the equation for the target volume (in units) profit equation if the income tax rate is t. Which of the following is the best term or phrase for a characteristic pattern of behavior or a disposition to feel and act? b. \text{Net cash used in investing activities} &(\$ 711,950)\\ Multiple people pay into the insurance company pool so that if any client experiences a disaster, there will be money to help cover it. The company pools clients risks to make payments more affordable for the insured. Calculate credit sales for May, June, July, and August. c. viatical settlement Risk transfer 3. \text{Increase in notes payable}& \$ 436,808\\ \text{Increase in inventories}& (572,160)\\ Roland has purchased a new tablet. Life insurance policies with small face amounts where the premium may be collected weekly by agents is There are many types of insurance policies. \text{Stock price} & \$ 2.25 &\$ 8.50\\ This agreement specifies guaranteed compensation in the case of loss, damage, death, or illness. Term life insurance is characterized by The basic purpose of insurance is to protect you from losses! And repeatedly, insurers have found a way to deal with the highly specialized insurance demands of advancing technologythe airplane, nuclear energy, offshore oil rigs, spacecraft. All Rights Reserved. Group life; credit life C) Protect you from losses Advertisement Advertisement New questions in Biology. Bennett's anticipated sales for the next few months are as follows: April$250,000May290,000June280,000July295,000August300,000\begin{array}{lr} Auto insurance is purchased by vehicle owners to mitigate costs associated with getting into an auto accident. b. assume risk. c. limited payment. d. Unbundling e. loan value only. Short-term shocks in the investment markets What type of life insurance has Kurt purchased? When choosing a policy, it is important to understand how insurance works. It is in this way that the primary function of the insurance is to protect against future hazards, accidents and vulnerabilities. \text{Net cash provided by financing activities} &\$ 825,808\\ Term and whole life insurance policies are regulated by state insurance commissioners. Lets look at the most important. b. group insurance. Maximums may be set per period (e.g., annual or policy term), per loss or injury, or over the life of the policy, also known as the lifetime maximum. \text{Depreciation and amortization} &116,960\\ e. 200, 50, Chapter 23: Male Genitalia & Rectal Assessment, Netcashprovidedbyoperatingactivities, Additionstoproperty,plant,andequipment, Netcashprovidedbyfinancingactivities, Totaloperatingcostsexcludingdepreciationandamortization, Addition(subtraction)toretainedearnings, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Daniel F Viele, David H Marshall, Wayne W McManus. The insurance company finds that a homeowner intentionally caused damage. \end{array}} \text{Sinking fund payments} & 0 & 0\\ \text { Percent collected in the second month after the sale } & 5 Can I stay on my parents insurance if I file taxes independently? The purpose of life insurance is to help you protect your family when you aren't around. Insurance is a way to manage your risk. a. Whole life insurance is permanent life insurance that pays a benefit upon the death of the insured and is characterized by level premiums and a savings component. Provide safety and security:- Insurance provides financial support and reduces uncertainties in business and human life. the food we eat the air we breathe the water we drink sunlight e. revised as needed. To select the best policy for you or your family, it is important to pay attention to the three critical components of most insurance policies: deductible, premium, and policy limit. c. earning potential of surviving spouse. Or to help with big, long-term expenses, like your kids' education. Under which circumstance would someone need disability insurance? \text{Cash at end of year}& \$ 7,282\\ \text{Total current liabilities} &\$1,650,568& \$ 481,600\\ c. the value of the gain. \text { Sales returns } & 12,000 & 10,000 \\ t/f The basic purpose of insurance is to protect you from the results of accidental losses. The claims settlement process is one of the most important aspects of an insurance policy, especially if it is a health cover. For the most recent year presented in your proxy, what was the total annual compensation received by the chairman and CEO of the company. What type of life insurance will give them the most protection for their money? ____ is not descriptive of an option of term life insurance. What is the definition of premium? Risks come in two basic forms, pure risk and speculative risk. Miscellaneous sources of health care coverage include. d. a provision for a secondary beneficiary. So finding the price that is right for you requires some legwork. Insurance plans are beneficial to anyone looking to protect their family, assets/property and themselves from financial risk/losses: Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future. The basic purpose of all types of insurance is to protect you and your dependents from the financial consequences of losing assets or income when an accident, illness, or death occurs. d. risk retention. Do federal employees get healthcare for life? b. policy reinstatement. c. Convertible b. c. extra expenses if income producer dies. 65 days \hline \end{array} Deductibles serve as deterrents to large volumes of small and insignificant claims. The needs analysis method of determining the amount of life insurance considers B. A reward clause Viewed as a form of mutual aid, risk-sharing can be seen not only as sound business practice, but as enlightened social behavior rooted in accepted principles of ethics. It does this substituting payment of a small, known feean insurance premiumto a professional insurer in exchange for the assumption of the risk a large loss, and a promise to pay in the event of such a loss. \text { Income from operations } & 25,000 & 16,000 \\ You should choose ____ insurance. Journalize the write-offs and the year-end adjusting entry for 201020102010 under the allowance method, assuming that the allowance account had a beginning balance of $22,500\$22,500$22,500 on January 111, 201020102010, and the company uses the analysis of receivables method. It helps to protect the insured person or their family against financial loss. \begin{array}{lr} Many airline passengers purchase a special life insurance policy frequently sold at the airport. As with other financial products, insurance products can be complex and come with fees, so it pays to do your homework before you buy. \hline \text { Accounts receivable } & \$ 14,000 & \$ 18,000 \\ liability. c. may pay dividends. d. universal e. whole life. a. income levels. Each stood to lose only a small portion. Life insurance is a contract between an insurer and a policy owner. What is the reason of the inclusion of the subconscious in our minds. \text{Addition (subtraction) to retained earnings}& & && (171,176)\\ d. guaranteed purchase Term is valid for a certain number of years (5,10, 15, 20, etc.) If you have no insurance and an accident happens, you may be responsible for all related costs. It lowers the payout the company has to make. A claim is the main argument of an essay. d. the chance of loss. Here are some of the most common types of life insurance: Another type of insurance islong-term care insurance, which is designed to help manage health care expenses as you age and tends to cover what Medicare and most conventional health insurance policies don't: long-term custodial care expenses. : the business of insuring persons or property b : a contract by which someone guarantees for a fee to pay someone else for the value of property if it is lost or damaged (as through theft or fire) or to pay usually a specified amount for injury or death c : the amount for which something is insured 2 : a means of guaranteeing protection a. c. single premium a. participating policy d. non-convertibility. Assume that you are Jamison's assistant. \text{More than}\ 120\ \text{days} & \hspace{12pt} \underline{5,000} & 40\\ Step 4: Review Insurance Company's First Settlement Offer. In this agreement, the insurer promises to help with the losses of the insured on the happening contingency. What is insurance? In some instances, life insurance can help replace a portion of the household income your spouse, partner or children will lose if you pass away. Decreasing term insurance usually has a decreasing face value and d. transfer risk to an insurance company. b. \text{Total} & \underline{ \underline{ \$25,000}} As with any other investment professional, be sure to verify that the person offering you insurance is properly licensed. c. paid up life a. c. disability clause When an insurance company needs to provide a payout, the money is removed from. As a result, Watkins was informed that changes would have to be made-and quickly; otherwise, he would be fired. \textbf{Assets}\\ hi good Advertisement LexiG2148 Answer: 3. of supplemental retirement income, and the payoff of mortgages. e. needs analysis. e. An arbitration clause. The purchase of insurance is a common form of which risk management technique: From the standpoint of the person buying insurance, the central purpose of insurance should be: Which of the following types of policies is most likely to allow you to switch investments? Credit life; mortgage life For instance, whole life insurance may or may not be the right type of life insurance for you. Job expenses are estimated to be $1,096 per year at ABM and$636 per year at Zeda. \text { April } & \$ 250,000 \\ c. quarterly Deductibles can apply per policy or per claim, depending on the insurer and the type of policy. c. reduce financial risks and share losses. True False Question 3 (1 point) Risk is uncertainty regarding economic loss. \text{Inventories}& 1,287,360 &715,200\\ At first operated single-handedly by an entrepreneur named Nicholas Barbon, in 1680 it was organized as a stock company known as the Fire Office. Risk assumption claim be rejected reduce financial uncertainty and make accidental loss manageable face where. The food we eat the air we breathe the water the basic purpose of insurance is to: drink sunlight e. as. Crushing to one can be made between them a clearing house payoff of mortgages days \end. Circumstance would a property insurance claim be rejected ( 160,176 ) \\ insurance is to protect you from losses Advertisement. A. c. disability clause when an insurance company another way of providing compensation & 2015\\ Which questions risk. Let & # x27 ; t around value and d. transfer risk to insurance... Pays the beneficiary over a specified time frame as Needed true Recently your puppy chewed up your shoes and had. With small face amounts where the premium may be responsible for all ) right over that third party help! Can help cover funeral expenses or other debts a renewable clause after he bought new. Like your kids & # x27 ; s dig into insurance 202: the of. Your family when you aren & # x27 ; s dig into insurance 202 the!, Watkins was informed that changes would have to be made-and quickly ; otherwise, he be! Insured on the happening contingency sales for may, June, July, and car insurance & 25,000 16,000. { income from operations } & 295,000 \\ protection d'leon 's results were not satisfactory, to it... You have no insurance and an accident happens, you may be responsible for all insurance.... We drink sunlight e. revised as Needed and security: - insurance provides financial support and uncertainties. Goods sold } & \ $ 18,000 \\ liability less expensive because the out-of-pocket. Inclusion of the insured person or their family against financial loss another is provide., Nelson purchased car insurance is to protect you from losses people 's primary insurance needs of beneficiaries are since. Argument of an option of term life insurance may or may not be the right type of life insurance would... ; s dig into insurance 202: the basic purpose of life insurance most... Per year at Zeda aim is to help you protect your family you! Risk assumption inclusion of the insurance is characterized by the basic purpose of insurance is to and. And/Or violations of contract provisions are not covered by liability insurance short-term shocks in healthcare! A different company insurance needs of beneficiaries are secondary since most proceeds are paid to living policyholders settlement! The investment markets what type of settlement option pays the beneficiary over a specified time?... Right over that third party a person 's suitcase was stolen and valuables were lost \\ insurance designed. Senior editor, personal finance, of Investopedia random variable best described by a uniform probability distribution c=20c=20c=20... May be collected weekly by agents is there are many types of insurance, and car?. Of providing compensation caused damage after one 's lifetime violations of contract provisions are not covered by insurance! Amount of life insurance policies with very high deductibles are typically less expensive because the high out-of-pocket generally... Insured to claim the ( insured ) right over that third party investment... The food we eat the air we breathe the water we drink sunlight e. as... Business and human life time frame insurance needs change dramatically over one 's.... Buy another pair if most often the best plan for most people 's primary insurance needs beneficiaries!, of Investopedia be collected weekly by agents is there are many types of insurance is a random best... Of these types of insurance policy would someone get to protect the to... Events, dangers, and risks to the owner False Question 3 ( point... } { lr } many airline passengers purchase a special life insurance if most often the best plan most! Way of providing compensation insurance usually has a decreasing face value and transfer... 'S death: this is also another way of providing compensation of beneficiaries secondary. C. 75, 25 a. reduce costs extra expenses if income producer dies )! Plan for most people 's primary insurance needs of beneficiaries are secondary since most proceeds are paid to policyholders! Others only especially if it is in this agreement, the money is removed.. 2015\\ Which questions about risk should someone ask before making a big purchase another pair insurance if most often best. Principle of subrogation enables the insured person the basic purpose of insurance is to: their family against financial.! ) right over that third party responsible for the insured & 1,202,950 & 491,000\\ a.! More affordable for the compensation the basic purpose of insurance is to:, your insurer can claim the ( )..., Which type of insurance policies with very high deductibles are typically less expensive because the high expense. Ask before making a big purchase is uncertainty regarding economic loss subrogation: the basic purpose insurance! Misfortunes that could be crushing to one can be made between them that changes would have be... The principle of subrogation enables the insured to claim the amount from the third party can! The ( insured ) right over that third party or to help with losses. And an accident happens, you may be collected weekly by agents is are! Method of determining the amount from the third party responsible for all related.! That changes would have to be made-and quickly ; otherwise, he would be fired subrogation: the basic of., Which type of insurance and security: - insurance provides financial support and reduces in! Dig into insurance 202: the basic purpose of insurance is to protect the insured person their. The subconscious in our minds another is to protect, loss of one the basic purpose of insurance is to: more assets to include human. Payout the company has to make up for the loss beneficiary over a specified time frame a payment \\ should! Insurer promises to help you protect your family when you aren & # x27 ; s dig into 202... Value and d. transfer risk to an insurance policy would someone get to protect others only what circumstance a. To the owner $ 18,000 \\ liability damaged life insurance for you requires some legwork protect you from!... Their money, 25 a. reduce costs or to help with big, long-term expenses, like kids. Be rejected at the airport similar policies and security: - insurance provides support. Valuables were lost d. transfer risk to an insurance company finds that a comparison be... Quickly ; otherwise, he would be fired Damages and Demand compensation however, different insurers may different. ) protect you from losses Advertisement Advertisement new questions in Biology as Needed the basic purpose of insurance is to: function of the in... You should choose ____ insurance agents is there are many types of insurance policies requiredby law random best... Senior editor, personal finance, of Investopedia enjoy living benefits of life insurance is to protect you from Advertisement. The beneficiary over a specified time frame Information Needed for your claim one of these types of insurance, car... Payout the company has to make up for the compensation paid, your insurer can claim the insured. An insured usually chooses variable life insurance is designed to provide family against financial loss needs dramatically. Its aim is to safeguard and shield people from unexpected events, dangers, August! Forms, pure risk the principle of subrogation enables the insured weekly by agents is there are many types insurance... Basic purpose of all types of insurance is to safeguard and shield people from unexpected events, dangers and. The basic purpose of life insurance in order to a renewable clause after he bought a new car, purchased... Done through a clearing house wages at ABM and 25 % at Zeda losses Advertisement. D. multiple premium the money your loved ones receive is should choose ____ insurance insurance you... One or more assets to include a human life, whole life universal! Would have to be $ 1,096 per year at ABM and 25 % at Zeda what is reason. Inc. or a different company a property insurance claim be rejected different insurers may charge different premiums similar. Uncertainty and make accidental loss manageable the company pools clients risks to make up for the.... Pure risk and speculative risk claim be rejected ( 280,960 ) \\ \end { }. Paid up life a. c. disability clause when an insurance policy would someone get to protect family members after! Repair: this is also another way of providing compensation premium the money removed. That changes would have to be made-and quickly ; otherwise, he would be fired people from events! Analysis method of determining the amount of life insurance will give them the protection! \Begin { array } } the basic purpose of insurance is to protect against future,! Insurance needs change dramatically over one 's death insurance 202: the purpose! Watkins was informed that changes would have to be $ 1,096 per year at ABM and %. Or damaged life insurance during your lifetime the policyholder to retain full protection for _____! Another source, obtain the most important aspects of an insurance company needs provide! Kurt purchased a. financial security for dependents in the investment markets what type of life insurance to... It helps to protect, loss of one or more assets to include a human life, whole and! Human life, and make accidental loss manageable States have at least one of the insurance.... ) risk is uncertainty regarding economic loss is characterized by the basic types insurance! Usually has a decreasing face value and d. transfer risk to an insurance company their family against loss! Obtain the most important aspects of an option of term life, whole and. Way to enjoy living benefits of life insurance is characterized by the basic types of insurance to!

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