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(Created page with "A self-employed small business owner purchased an insurance contract that will pay a benefit equal to <math>70 \%</math> of salary in the event that the owner becomes sick and cannot work. The contract will cease at retirement age. Determine which of the following contracts provides these benefits. <ul class="mw-excansopts"><li> Term life insurance</li><li> Disability income insurance</li><li> Long-term care insurance</li><li> Single premium immediate annuity</li><li>...") |
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<ul class="mw-excansopts"><li> Term life insurance</li><li> Disability income insurance</li><li> Long-term care insurance</li><li> Single premium immediate annuity</li><li> Critical illness insurance</li></ul> | <ul class="mw-excansopts"><li> Term life insurance</li><li> Disability income insurance</li><li> Long-term care insurance</li><li> Single premium immediate annuity</li><li> Critical illness insurance</li></ul> | ||
{{soacopyright | 2024 }} | |||
Latest revision as of 00:19, 18 January 2024
A self-employed small business owner purchased an insurance contract that will pay a benefit equal to [math]70 \%[/math] of salary in the event that the owner becomes sick and cannot work. The contract will cease at retirement age.
Determine which of the following contracts provides these benefits.
- Term life insurance
- Disability income insurance
- Long-term care insurance
- Single premium immediate annuity
- Critical illness insurance
Copyright 2024 . The Society of Actuaries, Schaumburg, Illinois. Reproduced with permission.