5 Edmond is a life insurance agent who sold a whole life policy to his client Emile a few years ago. Emile becomes mentally incapable after an accident and her brother, Jake, meetsEdmond to surrender Emile's policy. Jake informs Edmond that he is Emile's enduring power of attorney. What must Edmond do first before proceeding with Jake's request tosurrender the policy?aUNKOXFJWSt60EQ0YzljeUkyUVoxdz09 →a. O Edmond should transfer the ownership of the insurance policy to Jake before accepting his request to surrender the policy.b. O Edmond should obtain a certified true copy of the power of attorney from a notary public and have it reviewed by the insurance company.c. OEdmond should require Jake to sign the surrender application on behalf of Emile before submitting the application to the insurer.d. OEdmond should obtain Jake's personal identification documents and attach them with the surrender application for the insurance company's reference.

Surrendering the policy refers to the concept of ending or terminating a policy before its maturity…

Answered: ? ership of the insurance policy to…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter11: Planning For Health Care Expenses

Section: Chapter Questions

Problem 2FPC

See similar textbooks

Similar questions

Stanley recently moved back to Ontario after living abroad for two years. He purchased a vehicle and is asking his Broker for insurance quotes. One insurance company's quote is favourable but the company prefers not to insure Stanley because of the gap in his insurance history. What should the Broker do to act within the scope of his agreement with the insurance company? Obtain approval for the risk from the Principal Broker for approval and then submit the completed application to the insurer.• Discuss the risk with the insurer's underwriter for binding approval and then submit the completed application to the insurer.•Discuss the risk with colleagues first and then submit the completed application to the insurer.•Submit the application without the driving gap as this will get Stanley the best rate.
46 Barney Farnsworth is unable to afford the proposed insurance premium to insure his hobby shop. Instead of purchasing insurance, Barney decides to set aside a specific amount of money to use in the event that property loss occurs. What do we call this type of risk management technique?
You friend Zach promises to help you with you homework tomorrow night. You are really happy because you need help and say, "thank you so much!" The next day Zach changes his mind and says he can't help you. Is Zach legally bound by his promise?
Grandmother Smith is concerned about having an incapacitating illness that will prevent her from managing her finances. Grandmother Smith should execute a(n): Show Transcribed Text ง Homer is physically unable to sign his will. While he is heavily sedated and sleeping only a few feet away, Athena signs the will for him in the presence of a few friends. The next morning, Homer passes away. Athena wants to probate the will because she is the sole beneficiary. The will is valid.
Imagine you are working for an insurance companies. An individual is calming 10,000$ worth of stolen objects on an insurance claim, but you suspect he may only as suffer a loss of 6,000$. You have the ability to offer a settlement. If accepted, the claim is close and the individual receives such payment. If rejected, a court will decide the payment is 6,000$ or 10,000$. If the individual really lost 10,000$, there is 60% chance the court will decide in his favor. If the individual only lost 6,000$, there is 60% chance the court will only grant him that amount. Propose a settlement amount that will allow you to figure out if the individual is lying or not. Between 7600 and 8400
63 Rau obtains a loan from Security Funds and signs a note for the amount payable to the lender. Security Funds indorses the note and sells it to Tomas. With the intent to cancel Rau’s obligation on the note, Tomas writes “Paid” across its face. This discharges the liability of a. no one. b. Rau only. c. Security Funds only. d. Rau and Security Funds
1. What are the requisites of a fortuitous event? 2. Juan is obliged to give Pedro a specific watch, a specific ring or at specific bracelet. The parties agreed that Pedro will have the right to choose the thing which will be given to him. Before Pedrocould make his choice, the watch and the ring are lost through Juan's fault, successively. What are Pedro's Rights? Explain. 3. Tito and Vic are indebted to Aida and Loma for P10,000.00. Tito and Vic share in the debt in the ratio of 1:3 while Aida and Loma share in the credit in the ratio of 2:3 How much may Aida collect from Tito? Explain. 4. Explain and Give an example of the following modes of extinguishing an obligation. a. Confusion or merger b. Tender of Payment: C. Novation d. Compensation 5. A borrowed P30,000.00 from B to be paid on September 10, 2016, in exchange. for the loan, A surrendered his Iphone7 to B as security. On September 11, 2016, B demanded that A pay the P30,000.00 loan. Since A do not have enough money.…
63 Your insured lives in an apartment but takes a temporary position in another city and must store some me for fur fure items in a storage ware apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your Insured's furniture is stolen. What Would a Tenant OA) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporanlite OB Nothing. The loss is not covered. OC The actual cash value or replacement cost of all the personal property stolen, less the policy deductble, subject to the polis Ilimit OD That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his her personal property
1. Which two types of natural disasters are not normally covered in a homeowner’s policy? 6. Kim just paid off her house and is thinking about no longer having homeowners insurance (her bank required it as part of her mortgage agreement). Her house is worth $300,000. What are the pros and cons of this decision? 7. Would your answer to the previous question change if you found out that Kim has $3,000,000 in the bank?
D4) 40. Rafee applied for long-term care insurance on December 3, 2018. Following the underwriting process, the policy was issued on December 17. The insurer couriered the policy to Rafee's agent, who received it on December 28. The insurance agent was able to deliver the policy in person to Rafee on January 14, 2019, and they reviewed the policy details together. What is the latest date that Rafee can cancel the policy and receive a reimbursement of the premiums he paid? a. January 24, 2019 b. January 18, 2019 c. January 19, 2019 d. January 11, 2019
LO.2 Alfred owned a term life insurance policy at the time he was diagnosed with a terminal illness. After paying $18,300 in premiums, he sold the policy to a company that is authorized by the state of South Carolina to purchase such policies. The company paid Alfred $125,000. When Alfred died 18 months later, the company collected the face amount of the policy, $150,000. As a result of the sale of the policy, how much is Alfred required to include in his gross income?
30. Gina has 250/500/50 liability insurance and $50,000 PIP insurance. Shechanges lanes too quickly, hits the metal guard rail, and the hits a tour bus.Four people are seriously injured hurt and sue her. Twenty others have minorinjuries. Gina's boyfriend, who was in the car, is hurt and requires $19,000worth of medical attention. What insurance covers this, and how much will thecompany pay? A. $19,000; BIB. $19,000; PIPC. $50,000; PIPD. $50,000; BI

SEE MORE QUESTIONS

Recommended textbooks for you

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

PFIN (with PFIN Online, 1 term (6 months) Printed…

Finance

ISBN:

9781337117005

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

PFIN (with PFIN Online, 1 term (6 months) Printed…

Finance

ISBN:

9781337117005

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

SEE MORE TEXTBOOKS

? ership of the insurance policy to Jake before accepting his request to surrender the pol d true copy of the power of attorney from a notary public and have it reviewed by the ins sign the surrender application on behalf of Emile before submitting the application to the