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List and describe the six categories of needs to consider

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Please be sure to cite sources for your answers, even if they come from the textbook or PowerPoints. All answers should be in your own words.

1. List the 5 steps in the recommended procedure to estimate a person's monetary value for the purpose of life insurance.

2. List and describe the six categories of needs to consider in determining the amount of insurance a person should carry.

3. Explain and provide an example of the use of each of the following reasons for purchasing life insurance:

a. Key person indemnification
b. Credit enhancement
c. Employee benefit plans
d. Business continuation

4. Define and provide an example of the following:

a. Risk pooling
b. Adverse Selection

5. Discuss the following two types of coverage and explain two key differences between these:

c. Yearly renewable term insurance
d. Level premium insurance

6. Define, explain, and provide an example of:

a. Preferred risk
b. Substandard Risk

7. Explain the steps involved in estimating death rates at different ages for use in constructing a mortality table.

Reference no: EM131378997

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