Discuss the role that insurance plays in the financial planning process. Why is it important to have enough life insurance?
Answer to relevant QuestionsDefine(a) Risk avoidance(b) Loss prevention(c) Loss control(d) Risk assumption(e) An insurance policy.Explain their interrelationships.What is term life insurance? Describe some common types of term life insurance policies.Why should the following types of life insurance contracts be avoided?(a) Credit life insurance(b) Mortgage life insurance(c) Industrial life insurance (home ser-vice life insurance).Describe what is meant by a participating policy, and explain the role of policy dividends in these policies.1. Assume that Ryan’s gross annual income is $54,000 and Alison’s is $64,000. Their insurance agent has given them a multiple earnings table showing that the earnings multiple to replace 75 percent of their lost earnings ...
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