Li Jun, 50, applies for a $250,000 critical illness (CI) insurance policy with his insurance agent Ming. On the application, Li Jun states that he must take pills daily to manage his hypertension. Aside from this, his health is good. Given his age and hypertension issue, he is worried that the insurer may refuse his application. What does Ming CORRECTLY advise him? Select one correct answer from the list 1 The policy will likely be denied. The policy will likely be issued with an exclusion. The policy will likely be issued with a premium rating. The policy will likely be issued with a lower benefit. 2. 3. 4. ΟΟΟΟ Zuri works for Renovation Brothers. The company offers its employees a group insurance plan including long-term disability (LTD) coverage. The company pays 50% of the group premiums and employees pay the other half. Thus far, Zuri has paid premiums of $2,700 towards her LTD coverage. Zuri is diagnosed with breast cancer, and her doctor informs her she will be unable to work for 8 months. Her group insurance disability policy will pay a monthly benefit of $3,000 after a 4-month waiting period. How much of her benefit will be taxable? Select one correct answer from the list 1. SO 2 $6,000 3. $9,300 4 $12,000 ΟΟΟΟ
Li Jun, 50, applies for a $250,000 critical illness (CI) insurance policy with his insurance agent Ming. On the application, Li Jun states that he must take pills daily to manage his hypertension. Aside from this, his health is good. Given his age and hypertension issue, he is worried that the insurer may refuse his application. What does Ming CORRECTLY advise him? Select one correct answer from the list 1 The policy will likely be denied. The policy will likely be issued with an exclusion. The policy will likely be issued with a premium rating. The policy will likely be issued with a lower benefit. 2. 3. 4. ΟΟΟΟ Zuri works for Renovation Brothers. The company offers its employees a group insurance plan including long-term disability (LTD) coverage. The company pays 50% of the group premiums and employees pay the other half. Thus far, Zuri has paid premiums of $2,700 towards her LTD coverage. Zuri is diagnosed with breast cancer, and her doctor informs her she will be unable to work for 8 months. Her group insurance disability policy will pay a monthly benefit of $3,000 after a 4-month waiting period. How much of her benefit will be taxable? Select one correct answer from the list 1. SO 2 $6,000 3. $9,300 4 $12,000 ΟΟΟΟ
Chapter2: Estate Planning
Section: Chapter Questions
Problem 1CTD
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Question
55
Transcribed Image Text:Li Jun, 50, applies for a $250,000 critical illness (CI) insurance policy with his insurance agent Ming. On
the application, Li Jun states that he must take pills daily to manage his hypertension. Aside from this,
his health is good. Given his age and hypertension issue, he is worried that the insurer may refuse his
application.
What does Ming CORRECTLY advise him?
Select one correct answer from the list
1 The policy will likely be denied.
The policy will likely be issued with an exclusion.
The policy will likely be issued with a premium rating.
The policy will likely be issued with a lower benefit.
2.
3.
4.
ΟΟΟΟ
Transcribed Image Text:Zuri works for Renovation Brothers. The company offers its employees a group insurance plan including
long-term disability (LTD) coverage. The company pays 50% of the group premiums and employees pay
the other half. Thus far, Zuri has paid premiums of $2,700 towards her LTD coverage. Zuri is diagnosed
with breast cancer, and her doctor informs her she will be unable to work for 8 months. Her group
insurance disability policy will pay a monthly benefit of $3,000 after a 4-month waiting period.
How much of her benefit will be taxable?
Select one correct answer from the list
1. SO
2 $6,000
3. $9,300
4
$12,000
ΟΟΟΟ
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