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4 Cards in this Set

  • Front
  • Back
When is an estate created through life insurance?
The moment the first premium is paid.
What does it mean that an insurance policy can be used for estate conservation?
Life insurance proceeds may be used to pay inheritance taxes and federal estate taxes so that it is not necessary for the beneficiaries to sell out the assets
When determining the amount of insurance to buy, what does the human life value approach entail?
The insured gives an estimate of what would be lost to the family in the event of death. It calculates wages, inflation, the number of years to retirement, and the time value of money.
How do you determine lump sum needs?
Costs associated with death
Debt cancellation
Emergency reserve funds
Education funds
Retirement fund
Bequests