All categories

3 years ago

The person who receives financial protection from a life insurance plan is called

2 answers:

7 0

The answer to this question is A. Beneficiary
Payer is the person who buy the insurance (not necessarily for themselves only, can be given to their family or friends). Insured can not only be a person, but it also can be an object (such as cars). And the giver is the company who provide the insurance service for the payer.

Leto [7]3 years ago

5 0

Option (A) is correct.

<u>Beneficiary receives the financial protection from a life insurance plan. </u>

Further Explanation:

Beneficiary: Beneficiary is a person(s) or an entity which receives the insurance claims at the time of the death of the insured person. When a person buys an insurance plan and appoints a beneficiary who would receive the benefits of the insurance at the time of the death of the insured person.

<u> In the given case, the person is receiving the financial protection from the life insurance plan is considered as beneficiary because this party would receive the insurance benefits after the death of the insured person. </u>

Justification for the correct and the incorrect options:

Beneficiary: This is the correct option.

The beneficiary refers to the person who receives the insurance benefits at the time of the death of the insured person.

Payer: This is an incorrect option.

The payer pays the insurance premium for the insurance plan.

Insured: This is an incorrect option.

Insured person is the party whose death forces the insurance company to pay the insurance benefits to the beneficiary.

Giver: This is an incorrect option.

Premium does not receive the financial protection from the insurance plan.

Learn more:

Learn more about health care insurance

brainly.com/question/7325538

Learn more about the insurance rules

brainly.com/question/6075135

Learn more about the insurance cover

brainly.com/question/1362335

Answer details:

Grade: High School

Subject: Business Studies

Chapter: Life Insurance Policies

Keywords: Person, receives, financial protection, life insurance plan, called, beneficiary, payer, insured, giver, insurance plan, insurance, parties of the insurance plan, death of the insured, claims, who receives.

You might be interested in

A patent owner cannot exclude others from _____ his or her invention.

Elza [17]

I think it’s D I don’t know if I’m wrong or right but D sounds right

5 0

2 years ago

Sellers of a good bear the larger share of the tax burden when a tax is placed on a product for whicha.the supply is more elasti

Roman55 [17]

Answer:

B. The demand is more elastic than supply .

Explanation:

Demand & supply are buyers & sellers ability , willingness to buy & sell respectively .

Elasticity means responsiveness of demand & supply to prices.

'Tax burden' can be forwarded / shared only in case of Indirect taxes , whose burden & incidence lie on different people.

The burden falls on the party (consumers / suppliers) whose market element (demand / supply) is inelastic i.e less responsive to prices.

So , if sellers are bearing larger burden : It means demand is relatively elastic & supply is relatively inelastic.

6 0

2 years ago

Why did Starbucks create the ‘Starbucks College Achievement Plan?’ How does it help the company make money and remain competitiv

Bumek [7]

Explanation:

I mean, everybody deserves to have an achievement plan. So why not make one from it?

7 0

3 years ago

On July 1, 2021, Markwell Company acquired equipment. Markwell paid $185,000 in cash on July 1, 2021, and signed a $740,000 noni

Alenkasestr [34]

Answer:

c. Debit: Discount on notes payable, $41,884.

Explanation:

The journal entry is shown below:

Equipment $883,116

Discount on Notes payable $41,884 ($740,000 - $698,116)

To Notes payable $740,000

To Cash $185,000

(Being the amount paid in cash and note payable is recorded)

Working note

= Note payable amount × PVF factor at 6% for one year

= $740,000 × 0.94340

= $698,116

For recording this we debited the equipment as it increased the assets and discount is always debited while the note payable and cash is credited as it increased the liabilities and reduced the assets

7 0

3 years ago

An engineering firm measures its output in standard service hours (SSH) per unit, which is a function of the skill levels of its

tatyana61 [14]

Answer:

Instructions are below.

Explanation:

Giving the following information:

The variable cost is $60 per SSH and the fixed cost is $2,000,000 per year. The firm charges $100 for each service per hour. Assume the maximum hours the firm operates (that is the output) is 170,000 per year.

1) To calculate the break-even point, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 2,000,000/ (100 - 60)

Break-even point in units= 50,000 hours

2) %of hours= (50,000/170,000)*100= 29.41%

3) Fixed costs= $1,800,000

Break-even point in units= 1,800,000/40

Break-even point in units= 45,000 hours

The number of units required to cover for fixed costs diminished by 10%.

4) Selling price= $110

Break-even point in units= 2,000,000/(110 - 60)

Break-even point in units= 40,000 hours

The number of units required to cover for fixed costs diminished by 20%.

5) In generals terms, it is easier to increase the selling price compared to decreasing fixed costs. In this case, the best option is to increase the selling price. The effect on income and the break-even analysis is higher than decreasing fixed costs.

3 0

3 years ago