Planit:Entering and Analyzing Insurance Coverage Exercise Answer Key

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== Question One: == Robert and Sally Barber are concerned that they will not be able to meet their retirement goal, especially in the event that Robert dies or becomes disabled. Robert tells you that he owns permanent life coverage with a benefit of {{{life coverage benefit}}}, and he has Group coverage through his work that provides {{{group coverage}}}. Sally has no permanent life insurance, but has a small term life policy worth {{{small term life policy}}}. Robert purchased a disability policy some years ago that has a benefit of {{{disability policy}}} per month, indexed to inflation. Sally has some coverage through her work amounting to {{{work coverage}}} per month, not indexed to inflation. Answer: Go to the Insurance screen. Under Client’s Permanent Insurance enter {{{life coverage benefit}}} for {{{Male name}}}’s permanent life coverage Under Client’s Term/Group Insurance, enter {{{group coverage}}} for the Group policy Robert has through work. In the Spouse’s Permanent Insurance field, enter $0 since {{{female name}}} has no coverage of this kind. Set the Spouse’s Term/Group Insurance to {{{small term life policy}}} In the disability section, set the Client’s Annual Income Benefit to {{{annual income benefit}}}, since he would receive {{{disability policy}}} per month, equivalent to {{{Annual income benefit}}} over a year. Under Client’s Index Rate on Benefits, enter the clients' inflation assumption as you did on the Personal Information screen. The Will benefits be subject to income tax drop-down menu should be set to “No”, based on Robert's ownership of the policy. The Spouse’s Annual Income Benefit should be set to {{{Clients annual income benefit}}}, since she would receive $2000 per month, which multiplied by twelve gives {{{Client's annual income benefit}}} per year. The Spouse’s Index Rate on Benefits can be left at the default of 0.0%, since they are not indexed. The Will benefits be subject to income tax drop- down menu should be set to “Yes”, based on Sally's lack of ownership. Click Save at the bottom of the screen

United States of America
{{{United States Workbook Template}}}

Argentina
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Brazil
{{{Brazil Workbook Template}}}

United Kingdom
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Russia
{{{Russia Workbook Template}}}

China
{{{China Workbook Template}}}

Malaysia
{{{Malaysia Workbook Template}}}

Singapore

== Question One: == Ren and Shou Bai are concerned that they will not be able to meet their retirement goal, especially in the event that Ren dies or becomes disabled. Ren tells you that he owns permanent life coverage with a benefit of {{{life coverage benefit}}}, and he has Group coverage through his work that provides {{{group coverage}}}. Sally has no permanent life insurance, but has a small term life policy worth {{{small term life policy}}}. Robert purchased a disability policy some years ago that has a benefit of {{{disability policy}}} per month, indexed to inflation. Sally has some coverage through her work amounting to {{{work coverage}}} per month, not indexed to inflation. Answer: Go to the Insurance screen. Under Client’s Permanent Insurance enter {{{life coverage benefit}}} for {{{Male name}}}’s permanent life coverage Under Client’s Term/Group Insurance, enter {{{group coverage}}} for the Group policy Robert has through work. In the Spouse’s Permanent Insurance field, enter $0 since {{{female name}}} has no coverage of this kind. Set the Spouse’s Term/Group Insurance to {{{small term life policy}}} In the disability section, set the Client’s Annual Income Benefit to {{{annual income benefit}}}, since he would receive {{{disability policy}}} per month, equivalent to {{{Annual income benefit}}} over a year. Under Client’s Index Rate on Benefits, enter the clients' inflation assumption as you did on the Personal Information screen. The Will benefits be subject to income tax drop-down menu should be set to “No”, based on Ren's ownership of the policy. The Spouse’s Annual Income Benefit should be set to {{{Clients annual income benefit}}}, since she would receive $1,500 per month, which multiplied by twelve gives {{{Client's annual income benefit}}} per year. The Spouse’s Index Rate on Benefits can be left at the default of 0.0%, since they are not indexed. The Will benefits be subject to income tax drop- down menu should be set to “Yes”, based on Sally's lack of ownership. Click Save at the bottom of the screen

Hong Kong
{{{Hong Kong Workbook Template}}}

India
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Caribbean
Jamaica {{{Jamaica Workbook Template}}} Trinidad and Tobago {{{Trinidad and Tobago Workbook Template}}} Barbados {{{Barbados Workbook Template}}} Bermuda {{{Bermuda Workbook Template}}} Bahamas {{{Bahamas Workbook Template}}} Puerto Rico {{{Puerto Rico Workbook Template}}}

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