Exam 3: Protecting Your Wealth - Health and Life Insurance

There is very little need for individual disability insurance because most workers have employer-sponsored disability coverage and are also eligible for CPP and worker's compensation.

The problem with the cash value built up in a whole life insurance policy is that the money can only be used to pay off the policy or buy additional insurance.

Employment Insurance (EI)does not provide adequate coverage for a long-term disability because

The best description for a "Chaptericipating policy" is that the owner is

The cost of having an aide provide basic care such as assistance with feeding and dressing can easily cost over $50 000 per year.

The average duration of a disability lasting more than three months is longest for which age?

After the incontestability period a life insurance policy cannot be cancelled by the insurance company.

Universal life insurance is similar to whole life except it provides less guarantees.

CPP has a disability insurance option that will cover you if you are Chapterially disabled.

The term grace period is very important to an insurance policy because

If you buy a term insurance policy with a conversion option,this means that you

You are putting $300 per month into a savings account to pay for your child's post-secondary education.You worry that if you die before you get enough saved,your child will not be able to get a good education.Which of the following types of life insurance would best fit your needs at the lowest cost?

Individual health insurance plans

Jane and Vitorio are both professionals earning roughly each annually.If one of them died and their debts were gone,the survivor could easily live on their own income.They have a combined net worth of .They have debts in the amount of a mortgage and car loans of .In addition,they pay off their credit cards each month,usually around $21 000.If anything should happen to either one of them,they want to leave their family debt-free.How much life insurance should they consider?

In which case are life insurance benefits not payable?

An individual covered by disability insurance who has recently recovered and is returning to work after receiving benefits would be most concerned with

Critical illness insurance benefits are paid out to disabled employees on a monthly basis.

Which of the following is an important rider for a young person who is not sure of their future life insurance needs?

Which of the following is the most important consideration in deciding on creditor insurance versus personally owned life insurance?

From the employer's perspective,describe four advantages for group health insurance plans.