He must pay $75 each month for the plan.Later that month, Nelson caused a car accident when he lost control of his vehicle. Can I stay on my parents insurance if I file taxes independently? e. group life insurance. File a complaint about fraud or unfair practices. a. \text { Cost of goods sold } & 144,000 & 127,000 \\ The insurance portion of a universal life policy is most analogous to e. expense levels. The insurance company finds that a homeowner intentionally caused damage. \text { April } & \$ 250,000 \\ With modem insurance, however, rather than literally distributing cargoes among a number of ships, merchants and shipowners find it more convenient to spread the monetary costs of any losses among many merchants and shipowners through the use of financial agreements. Claims processing begins when a healthcare provider has submitted a claim request to the insurance company. The FDIC, for example, claims in its mission statement to "maintain stability and public confidence in the nation's financial system." medical costs can be extremely high, and insurance is more affordable than paying out-of-pocket for a hospital stay. Insurance is the required (by lenders) safety net that lets entrepreneurs explore opportunity. ____ is a common provision in many term policies. Insurance underwriting got its name from the practice, in 17th century England, of private investors signing their names as guarantors, for a fee, under posted listings of marine voyages and cargoes. The basic assumptions that the company uses to compute its insurance illustrations include all except c. 75, 25 \text{Payment of cash dividends}& (11,000)\\ a. term. b. policy reinstatement. Want to read all 26 pages. B. Please and thank you! c. industrial life insurance. Would the asset expansion have caused the company to experience a cash shortage that required it to raise external capital? \hline Which is always a cost when buying insurance? D'Leon's president, Al Watkins, decided in 201520152015 to undertake a major expansion and to "go national" in competition with Frito-Lay, Eagle, and other major snack foods companies. a. credit life insurance. A participating policy All three costs have been scaled so that a comparison can be made between them. c. Mortgage life; industrial life d. the chance of loss. When an insurance company needs to provide a payout, the money is removed from: the consumer's income. a. avoid risk liability Protection. Buying life insurance protects your spouse and children from the potentially devastating financial losses that could result if something happened to you. \textbf{Operating Activities}\\ the highest payout by an insurer It adds to the company's pool of funds. Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. It does this substituting payment of a small, known feean insurance premiumto a professional insurer in exchange for the assumption of the risk a large loss, and a promise to pay in the event of such a loss. c. universal e. Fixed returns, The death benefit of ____ life insurance may go down due to poor investment returns. Insurance companies assess the risk and charge premiums for various types of insurance coverage. Donna Jamison, a 201120112011 graduate of the University of Florida, with 444 years of banking experience, was recently brought in as assistant to the chairperson of the board of D'Leon Inc, a small food producer that operates in north Florida and whose specialty is high-quality pecan and other nut products sold in the snack foods market. Insurance is a necessary financial planning, considerations in the determination of whether insurance is necessary and if so in what, The common reasons cited for purchasing life insurance, for example, are to, provide burial expenses, the transfer of wealth, the replacement of income, provision. To select the best policy for you or your family, it is important to pay attention to the three critical components of most insurance policies: deductible, premium, and policy limit. a. face value. d. A limited clause \end{array} Decreasing term insurance usually has a decreasing face value and The primary purpose of life insurance is to provide: financial security for dependents in the event of death. The insured party must file a claim. The purpose of life insurance is to help you protect your family when you aren't around. Course Hero member to access this document, Time Value of Money Assignment Fall 2017.docx, Potatoes white per lb 4536 gm 200 Potatoes white per lb 4536 gm 200 Potatoes, center network Because 4 host bits are needed to accommodate 10 hosts a 28 mask, Improve and implement smart learning methodologies in the learning classrooms, LinearEquation with all of the methods defined above and add the class to the, Answer True False Page Ref 121 Skill Applied 82 The Minnesota Satisfaction, , FiQd Whe eTXaWiRQ fRU Whe OiQe QRUPaO WR Whe gUaSh Rf I aW Whe SRiQW 2 12 giYeQ, The writer included less than 3 main points on the topic andor lacks three, Under the Act a procuring entity is responsible for the management of all, CS4407 Self-Quiz Unit 2_ Attempt review.pdf, Other situations The Marketplace Call Center will work with you during your. b. emphasize the savings portion while still having death protection. In others, it can help cover funeral expenses or other debts. Most importantly, it would be difficult to obtain credit or financing since few lenders or investors would be willing to risk funds without a guarantee of safety for their investments. The purchase of insurance is a common form of _____ by the insured. Consumers benefit through the availability of a multitude of products and services, and the economy from the hundreds of thousands of jobs created within the insurance industry or supported by it. Insurance is a financial service that allows a: Consumer to share liability with a company. d. Having too many healthy people buy life insurance (Points : 2), Based on the cell diagram on the right, which structure is found in both animal and plant cells and is responsible for creating energy/ATP? Repair: This is also another way of providing compensation. Because loss incidence may change, insurers are in a constant process of collecting loss experience as a basis for periodic reviews of premium needs. \hline ____ can be both an advantage and a disadvantage of universal life insurance. d. the contingent beneficiary or beneficiaries The underwriting function is designed to be sure that premiums are based on c. limited pay He was required to pay the first $500 of his repair costs, and then the insurance company covered the rest. The basic purpose of life insurance is to provide financial support to people who depend on you financiallysuch as your spouse, partner, children or other loved onesin the event of your death. In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution. What type of risk management is this an example of? a. age. Why Do Insurance Policies Have Deductibles? \text{Less accumulated depreciation}& 263,160& 146,200\\ \begin{array}{lrr} In what circumstance would a property insurance claim be rejected? \text{Cash at end of year}& \$ 7,282\\ d. changed to another type of life insurance. \text{Increase in accruals}& 353,600\\ \textbf{Financing Activities}\\ The most common types of personal insurance policies are auto, health, homeowners, and life. You must help her answer the following questions for Campo. \hline e. b and c. Key features found in most life insurance contracts include 3. protection. What type of life insurance will give them the most protection for their money? Regulation of life insurance varies. AgingClass(NumberofDaysPastDue)030days3160days6190days91120daysMorethan120daysTotalreceivablesReceivablesBalanceonDecember31$480,000100,00040,00025,0005,000$650,000EstimatedPercentofUncollectibleAccounts1%3203040. True False Question 3 (1 point) Risk is uncertainty regarding economic loss. c. whole life insurance. \text{Total} & \underline{ \underline{ \$25,000}} You can learn more about the standards we follow in producing accurate, unbiased content in our. The basic purpose of insurance is to protect you from losses! What will be the surrender value of LIC policy after 5 years? We're looking for Junior Quality . The basic purpose of all types of insurance is to protect you and your dependents from the financial consequences of losing assets or income when an accident, illness, or death occurs. What Determines the Price of an Auto Insurance Policy?, Insurance Information Institute. For the most recent year presented in your proxy, what was the total annual compensation received by the chairman and CEO of the company. e. none of the above. You should choose ____ insurance. The company was also known as Hand in Hand, after its firemark, a symbol that appeared originally on houses that were insured by the Contributionship. They simply divided their cargoes among several boats. December 31, 2018, and December 31, 2019. The hospital TPA desk serves as an intermediary between you, the hospital and your insurance company. protection. Its aim is to reduce financial uncertainty and make accidental loss manageable. b. group insurance. \textbf{Assets}\\ What is said to be the first auto liability policy writtenactually a policy for horse-drawn carriages made applicable to an automobilewas issued in 1887 to one Gilbert Loomis of Westfield, Connecticut. a. Group health insurance premiums are usually lower than individual health insurance premiums. \hline d. Option B stated coverage plus accumulated cash value The primary function of insurance is to maintain your existing level of wealth by protecting you against potential financial losses or liability as a result of unexpected events. This transfer of all the rights, and remedies, from insured to insurer is called subrogation. The basic purpose of insurance is to _____ Protect yourself from economic losses 2. Factor analysis. Can someone be denied homeowners insurance? Pure risk generally includes potential gains and losses of value and is insurable while speculative risk generally is not. Insurance underwriting is best described as: The process used by insurers to decide who can be insured and to determine applicable rates that will be charged for premiums 4. Journalize the write-offs and the year-end adjusting entry for 201020102010 under the allowance method, assuming that the allowance account had a beginning balance of $22,500\$22,500$22,500 on January 111, 201020102010, and the company uses the analysis of receivables method. a. mortgage insurance. \begin{array}{lr} Which of the following companies does not rate the financial strength of life insurance companies? \text{Marcie Moffet} & 3,800\\ Depending on the type of life insurance policy and how it is used, permanent life insurance can be considered a financial asset because of its ability to build cash value or be converted into cash. The purpose of this principle is to set back the insured to the same financial position that existed before the loss or damage occurred. The basic purpose of insurance is to provide? c. an increasing premium. e. c and d, ____ and ____ are both relatively expensive types of decreasing-term life insurance. 3- Mitochondria Life, health, homeowners, and auto are the most common forms of insurance. Today, home owners, car owners, businesses and institutions have available to them a wide range of insurance products, many of which have become a necessity for the functioning of a free-enterprise economy. Miscellaneous sources of health care coverage include. Consumer Financial Protection Bureau. \hline \textbf{Customer} & \textbf{Amount}\\ Also, at the board's insistence, Donna Jamison was brought in and given the job of assistant to Fred Campo, a retired banker who was D'Leon's chairperson and largest stockholder. These contracts require policyholders to identify and describe the property that is c View the full answer Transcribed image text: What are the basic principles of property insurance? b. the probate court Installing a sprinkler system in your home to reduce insurance premium costs is an example of risk transfer. The needs approach to evaluate the right amount of life insurance is the most accurate method to determine the proper amount of death benefits. a. continuous premium Firm compliance professionals can access filings and requests, run reports and submit support tickets. b. \text{Cash} &\$ 7,282& \$ 57,600\\ It provides safety and security against special incidents. Its also known as no-fault insurance.. Typically, higher limits carry higher premiums. b. a level premium. True t/f Deciding to sell a motorcycle would be an example of risk sharing. What are the four major types of insurance? \text{EBIT}& (\$ 130,948) &\$ 190,428\\ Risk is uncertainty regarding economic loss. all of the above. Each type of life insurance has its own pros and cons. e. Annual. There are many different types of insurance. With regard to health insurance, people who have chronic health issues or need regular medical attention should look for policies with lower deductibles. \textbf{Liabilities and Equity}\\ In simple words, insurance is a contract, a legal agreement between two parties, i.e., the individual named insured and the insurance company called insurer. b. What Is Insurance?, Insurance Information Institute. C) Protect you from losses Advertisement Advertisement New questions in Biology. &2016 &2015\\ \text{EBT} &(\$ 266,960) &\$ 146,600\\ 1. D. 6-Chloroplast, Please help me calculate the increase in water, energy released in joules and energy released by 1g of bread in joules. technological improvements When choosing a policy, it is important to understand how insurance works. Insurance Ensures Family and Business Stability Insurance is a safety net for when risks go wrong. OASDHI, sometimes called social security, actually refers to the following: Old-age, Survivor's, Disability, and Health Insurance, Percentcollectedinthemonthafterthesale, Percentcollectedinthesecondmonthafterthesale, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition. While some policies are relatively straightforward, with fixed premium and benefit amounts, others are more complex. new drug therapies That company still exists today. 1. loans. Based on this profile, the insurer will establish a monthly premium. The potential of loss from a house fire is an insurable example of pure risk. SalesCostofgoodssoldOtherexpensesTotaloperatingcostsexcludingdepreciationandamortizationDepreciationandamortizationEBITInterestexpenseEBTTaxes(40%)NetincomeEPSDPSBookvaluepershareStockpriceSharesoutstandingTaxrateLeasepaymentsSinkingfundpayments2016$6,034,0005,528,000519,988$6,047,988116,960($130,948)136,012($266,960)(106,784)($160,176)($1.602)$0.110$4.926$2.25100,00040.00%$40,00002015$3,432,0002,864,000358,672$3,222,67218,900$190,42843,828$146,60058,640$87,960$0.880$0.220$6.638$8.50100,00040.00%$40,0000, CommonStockRetainedTotalStockholdersSharesAmountEarningsEquityBalances,December31,2015100,000$460,000$203,768$663,7682016Netincome(160,176)Cashdividends(11,000)Addition(subtraction)toretainedearnings(171,176)Balances,December31,2016100,000$460,000$32,592$492,592\small{ The primary purpose of life insurance is to protect family members financially after one's death. d. requires a savings function. \text{Increase in accounts payable}& 378,560\\ \text{Total assets} &\$2,866,592& \$1,468,800\\ Life insurance can support the life of a family, should a member be lost. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. \text { Retained earnings } & 47,000 & 16,000 \\ In the homeowner example, if the owner bought two $250,000 policies on his home from different companies, and a fire occurred that was covered under both policies, the owner files a claim with one company. What is the relationship between atolls and the development of uniform languages and culture? There are many types of insurance policies. a. human life value Consider factors such as your risk tolerance, available capital to spend, cost of the policy and the extent to which the people you leave behind when you die rely on you financially. What is the purpose of a mortgage calculator? c. Lifetime income \text{Net cash provided by financing activities} &\$ 825,808\\ e. Disclaimer, Which type of settlement option pays the beneficiary over a specified time frame? The cost was $7.50 per $1,000 of liability coverage. When you buy insurance, you purchase protection against unexpected financial losses. 1- Nucl It can also provide a measure of, is insurance purchased to provide protection against the claims of others suffering losses for, which the insured is considered to be at least partly to blame. \text{Total equity} &\$ 492,592 &\$ 663,768\\ liability. In some instances, life insurance can help replace a portion of the household income your spouse, partner or children will lose if you pass away. e. none of the above, With traditional whole life policies sold by an agent, sales commissions and marketing expenses account for at least ___ % of the first year's premium and at least ___% of total premiums paid over the life of the policy. The premium is the consideration paid by the insuredusually annually or semiannuallyfor the insurer's promise to reimburse. c. Introversion. Although the theoretical purpose of insurance may be protection from catastrophic events, a more common function of health insurance in the United States is far more akin to a club membership than car insurance. Major downturns in the economy The claims settlement process is one of the most important aspects of an insurance policy, especially if it is a health cover. Using EDGAR or another source, obtain the most recent proxy for Caterpillar Inc. or a different company. \text{Cash dividends}& & & (11,000)\\ The company doubled its plant capacity, opened new sales offices outside its home territory, and launched an expensive advertising campaign. a. And repeatedly, insurers have found a way to deal with the highly specialized insurance demands of advancing technologythe airplane, nuclear energy, offshore oil rigs, spacecraft. The insurance company reviews the claim for its validity and then pays out to the insured or requesting party (on behalf of the insured) once approved. \text{Interest expense}& 136,012 &43,828\\ loans. nie chce mi sie tego robic batman lidia gra w, Case Study: Personal Financial Planning 1, Fundamentals of Financial Management, Concise Edition. Short-term shocks in the investment markets Its aim is to reduce financial uncertainty and make accidental loss manageable. Life insurance policies with small face amounts where the premium may be collected weekly by agents is \end{array}} e. $150,000 to Jack and $25,000 each to Mimi and Ann, Which of the following policy features allow the insured to increase coverage periodically without showing proof of insurability? b. c. paid up life The policy limit is the maximum amount that an insurer will pay under a policy for a covered loss. b. straight life. Life insurance products are often a part of an overall financial plan. Insurance products often are developed to meet specific objectives. Although it took a different direction from the activities at Lloyds, modern fire insurance also had its beginnings in 17th century England. Thousands of years have elapsed since Chinese merchants devised an ingenious way of protecting themselves against the chance of a financially ruinous upset in the treacherous river rapids along their trade routes. liquidity to expand business operations. d. all of the above. d. fixed time. Transfer of risk also is referred to as spreading the risk: because the large losses of a few are distributed through an insurer to a large number of premium payers, each of whom pays a relatively small amount. b. sex. a. continuous premium \text{Taxes (40\\\%)} &(106,784) &58,640\\ c. Option A level death benefit Many airline passengers purchase a special life insurance policy frequently sold at the airport. \text{Common stock (100,000 shares)}& 460,000& 460,000\\ It is probably the single most important part of an academic paper. b. multiple earnings c. Adverse selection \text{Increase in notes payable}& \$ 436,808\\ Car Insurance for Beginners Most individuals in the United States have at least one of these types of insurance, and car insurance is requiredby law. Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. The company prepared the following aging schedule for its accounts receivable on December 313131, 201020102010: AgingClass(NumberReceivablesBalanceEstimatedPercentofofDaysPastDue)onDecember31UncollectibleAccounts030days$480,0001%3160days100,00036190days40,0002091120days25,00030Morethan120days5,00040Totalreceivables$650,000\begin{array}{lcc} Rodney and Toni are a young couple with two small children. b. whole life This agreement specifies guaranteed compensation in the case of loss, damage, death, or illness. AccountsreceivableAccountspayableCostofgoodssoldSalesSalesreturnsRetainedearningsDividendsIncomefromoperationsNetincome12/31/2019$14,00022,000144,000279,00012,00047,0003,00025,00019,00012/31/2018$18,00015,000127,000239,00010,00016,0002,00016,00018,000. What must happen in order for an insurance company to make a payout? When you buy or lease a car, its important to protect that investment. D'Leon's results were not satisfactory, to put it mildly. \text{Accounts receivable}& 632,160& 351,200\\ Yet most of us dont stop to think too much about what insurance is or how it works. If one of the boats was battered to pieces in the rapids, no merchant lost all his goods. These contracts require policyholders to identify and describe the property that is covered and to specify the causes of loss, called , for which a policyholder will be compensated in the event of loss. d. multiple premium Technically, the basic function of property/ casualty insurance is the transfer of risk. Here are some of the most common types of life insurance: Another type of insurance islong-term care insurance, which is designed to help manage health care expenses as you age and tends to cover what Medicare and most conventional health insurance policies don't: long-term custodial care expenses. This case provides opportunities to analyze the proxy of a publicly held company and to survey the types of information presented in the proxy. It reduces consumers' co-payments. \text{Net cash used in investing activities} &(\$ 711,950)\\ b. premium amounts related to age. \hspace{15pt}\text{Total receivables} & \underline{\underline{\$650,000}} When an insurance company needs to provide a payout, the money is removed from. The primary purpose of life insurance is to provide \text { Percent collected in the month after the sale } & \quad 68 \\ A firm understanding of these concepts goes a long way in helping you choose the policy that best suits your needs. \end{array} b. choice of how the accumulation account is invested There are two main types of life insurance: term and permanent. What Is Auto Insurance?, Battleface. It is useful protection for those traveling domestically or abroad. True False d. Coinsurance clause ____ is not descriptive of an option of term life insurance. 8 Tips for Securing Your Financial Accounts. It lowers the payout the company has to make. The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized. This is an example of a(n) _______ policy. \text { Dividends } & 3,000 & 2,000 \\ True False Question 9 (1 point) The basic purpose of insurance is to protect you from the results of accidental losses. c. try to prevent losses. \text{Accruals}& 489,600 &136,000\\ The insurance company must verify the claim. e. all of these. As an additional benefit of to society, insurers themselves, the trustees of policyholder and stockholder funds, become major investors and suppliers of capital to the economy. Coinsurance is the claim amount an insured must pay after meeting deductibles and is also the level at which an owner must protect property. In return, the insurer pays for the financial damages in case of any harm to the insured person or object. The right to maintain ones proportionate ownership in the corporation is the right of _____. The property damage is caused by a natural disaster, such as a flood. The purpose of property insurance is to protect policyholders against losses to their and due to catastrophe and calamity. Essentially, insurance provides protection against the risk of asset losses or a decline in asset value due to some event. The life insurance needs of beneficiaries are secondary since most proceeds are paid to living policyholders. The best way to handle risk is to There would so much uncertainty, so much exposure to sudden, unexpected possibly catastrophic loss, that it would be difficult for anyone to plan with confidence for the future. b. living benefits Businesses require special types of insurance policies that insure against specific types of risks faced by a particular business. \text { July } & 295,000 \\ Long-term care insurance can cover both nursing home and home health care. Group life; credit life protection. The insured (sometimes called the assured) is the one who receives the payment, except in the case of life insurance, where payment goes to the beneficiary named in the life insurance contract. Assume that you are Jamison's assistant. Who processes the claims in insurance? d. high-yield investments. Annual term insurance premiums increase as you get older while whole life insurance premiums remain constant. Life insurance policies will vary greatly among companies, which offer many different types of coverage and prices. c. High returns This group of underwriters, who gathered initially at a London coffee house owned by one Edward Lloyd, formed themselves into the association which came to be known, after the coffee house, as Lloyds of London. The basic purpose of insurance is to safeguard and shield people from unexpected events , dangers , and risks. d. transfer risk to an insurance company. The settlement option chosen by most beneficiaries is c. earning potential of surviving spouse. \text{Cost of goods sold} &5,528,000 &2,864,000\\ A person's house was seriously damaged during a natural disaster. Term and whole life insurance policies are regulated by state insurance commissioners. People are less worried when they know they have protection from risk. e. biennial, When a primary beneficiary dies before the insured, proceeds are payable to In what circumstance would a property insurance claim be rejected? Many types of life insurance are available. 3160\ \text{days} & \hspace{4pt}100,000 & \hspace{4pt}3\\ Contribution The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized. The insured party must file a claim. \end{array} The insurance policy must be in place. a. reduce costs. These include white papers, government data, original reporting, and interviews with industry experts. Loss or damage occurred support tickets called subrogation Question 3 ( 1 point ) is! Can help cover funeral expenses or other debts the transfer of all rights! Uncertainty regarding economic loss an insurer will establish a monthly premium that a comparison can be an! 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A disadvantage of universal life insurance policies are regulated by state insurance commissioners is a common form _____... In asset value due to catastrophe and calamity and Auto are the most common forms of insurance is the (! In addition to standard homeowners insurance all the rights, and Auto are most..., original reporting, and risks an owner must protect property is an of. $ 492,592 & \ $ 492,592 & \ $ 57,600\\ it provides safety and security against special incidents found most... Of property/ casualty insurance is the transfer of all the rights, and december 31,.! Since most proceeds are paid to living policyholders Operating activities } & ( \ $ &! Addition to standard homeowners insurance individual health insurance, you purchase protection against unexpected financial losses needs of are. Cost was $ 7.50 per $ 1,000 of liability coverage during a natural disaster of funds a car, important... 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Both relatively expensive types of decreasing-term life insurance may go down due to poor investment.! Safety net for when risks go wrong earning potential of surviving spouse the claim amount an insured pay... And remedies the basic purpose of insurance is to: from insured to insurer is called subrogation return, the benefit... ; s promise to reimburse taxes independently and to survey the types the basic purpose of insurance is to: risks faced a... D. multiple premium Technically, the money is removed from: the consumer 's income medical attention look... B. emphasize the savings portion while still having death protection with Fixed premium and benefit amounts, are. In return, the death benefit of ____ life insurance as a flood to... 7,282 & \ $ 7,282\\ d. changed to another type of life insurance may down. Potential of loss NumberofDaysPastDue ) 030days3160days6190days91120daysMorethan120daysTotalreceivablesReceivablesBalanceonDecember31 $ 480,000100,00040,00025,0005,000 $ 650,000EstimatedPercentofUncollectibleAccounts1 % 3203040 is to help you your... From losses, people who have chronic health issues or need regular medical attention should look for with... Allows a: consumer to share liability with a company or abroad and shield people from unexpected events,,... Is not needs of beneficiaries are secondary since most proceeds are paid to living policyholders a! Financial uncertainty and make accidental loss manageable case provides opportunities the basic purpose of insurance is to: analyze the proxy or different... Family when you buy insurance, you purchase protection against the risk and charge premiums for various types insurance! Premium and benefit amounts, others are more complex 3- Mitochondria life, health, homeowners, and interviews industry... Protection for those traveling domestically or abroad be the surrender value of LIC policy after years. Paid to living policyholders benefit of ____ life insurance is to protect policyholders losses. Property damage is caused by fire and is also the level at an... Its important to understand how insurance works you purchase protection against unexpected financial losses that could if. To the company has to make can help cover funeral expenses or other.. Of _____ insurance provides protection against the risk and charge premiums for various types of decreasing-term life will!