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risk management financial

Questions and Answers of Risk Management Financial

In what way does the treatment of acquisition expense under single-premium life insurance differ from that of other life insurance policies?
What are the principal uses of juvenile life insurance?
Explain how the investment generation method of determining dividends differs from the traditional portfolio average method.
Taking any combination of the basic forms of insurance from which special policy combinations studied in this chapter are constructed, invent a new policy not discussed in the text and explain the
Many products are brought to the market because, in the words of the seller, “the consumer demanded it.” Do you think that the return-of-premium policy or the return of-cash-value policy were the
During the high interest-rate environment of the 1980s, many policyholders purchased vanishingpremium policies. Because interest rates dropped in subsequent years, premiums have not vanished as
Although the family protection policy attempts to provide protection on the entire family, the insurance on the wife is generally low relative to that on the husband.In addition, the coverage on the
John Jones travels considerably in his occupation.Although he thinks he needs more life insurance, he does not think he can afford it. However, he is considering a$100,000 travel accident policy on
Explain the general nature of annuities and describe the manner in which they can help to deal with the retirement risk?
Discuss the tax treatment of annuities, and explain the ways in which this tax treatment is advantageous to the purchaser
Differentiate among the various classes of annuities, and explain the distinguishing characteristics of each class
Explain the way in which employer contributions to a qualified pension plan are treated under federal tax laws and theway inwhich this treatment benefitsworkers covered under such plans
Identify and explain the difference between the defined contribution and defined benefit approaches in qualified retirement plans
Describe the basic features of qualified retirement plans, including benefits and vesting
Explain the provisions of the Internal Revenue Code (IRC) relating to Individual Retirement Accounts (IRAs) and explain the benefits that arise both from deductible and nondeductible contributions to
A successful college athlete has signed with a professional team and has received a $500,000 bonus. Prudently, he plans to invest the money, and his advisor suggested he put the money in a
Assume that you have reached age 65 and are about to retire. You have accumulated a fund of $300,000 and are considering the purchase of an annuity. A straight life annuity will pay you $1800 a month
You are considering employment with two corporations and, among other things, youwould like to compare their pension plans.What features of the two plans would you be most interested in?
Over the past 40 years, Carl’s employer-funded defined contribution retirement program has been invested in a variable annuity. Now that he has reached retirement age, he is elated that the value
The trend toward defined contribution plans, such as Section 401(k) plans, has been characterized as a movement from employer responsibility for employee welfare to increased individual
It has been stated that an annuity is “upside-down”life insurance. Explain what this means.
Identify the various ways in which annuities may be classified and list the different types of annuities in each classification.
Describe the variable annuity and explain the theory on which it is based. To what extent have the results produced by variable annuities been consistent with the theory?
Describe the tax treatment of annuities during the following periods:a. The accumulation period.b. When distributed.
Distinguish between joint and last survivor annuity and the joint-life annuity.
Briefly distinguish between a defined benefit pension plan and a defined contribution plan. Which of these would a variable annuity be?
Describe what is meant by “vesting.” What are the basic vesting requirements that apply to qualified plans?
Describe the rationale for (a) maximum limits on contributions and benefits in qualified plans and (b) permitted disparity rules.
Distinguish between a traditional IRA and a Roth IRA.
Describe the various provisions that may be included in a pension plan with respect to death or disability of a plan participant.
Identify the factors that create the risks related to retirement?
Identify the two financial risks that arise in connection with the retirement risk
Identify the three broad steps in the retirement planning process
Identify the three lines of defense that constitute a well-designed retirement plan
Identify and describe the two approaches that may be used to estimate retirement needs
Explain the strategies that may be followed in managing the distribution of a retirement accumulation
What is the underlying motivation for the capital conservation strategy in planning a retirement distribution?What is your personal opinion of this strategy?
Under the graded payment method of distribution for an annuity, the annuitant accepts a reduced payment during the distribution’s early years in exchange for an increasing benefit. Can an
You have graduated from college and commenced a successful career. In fact, the major problem you face is that your income has reached a point at which your combined state and federal marginal tax
Since superannuation is one of the risks to which the individual is exposed, an income protection plan should provide for the individual reaching retirement age. Considering the nature of cash value
Given the predicted financial difficulties facing the Social Security system, to what extent do you think Social Security benefits should be considered in the retirement planning process?
Describe the factors that create the retirement risk.
Identify and describe the two risks associated with retirement and briefly describe the strategies that may be used in addressing these risks.
Identify and describe the three steps in the retirement planning process.
Identify the three of retirement funding sources. In your opinion, how important and how dependable (certain)is each?
Distinguish between the capital retention strategy and a capital liquidation strategy. What factors will determine the individual’s choice between these two strategies?
Describe the distribution requirements of the IRC with respect to retirement accumulations.
Describe the minimumdistribution option offered by some insurers. What is the purpose of this option?
Describe the graded distribution option available in connection with pension and annuity distributions.What are this option’s advantages and disadvantages?
What is pension maximization? Under what conditions is it feasible? Under what conditions is it advisable?
The estimate of postretirement income needs is usually based on a projected preretirement income level.Identify the two adjustments required in projecting the preretirement income to determine
Compare the severity of the risk of disability and the risk of premature death?
Describe the nature of disability income insurance and differentiate among the various types of disability income insurance contracts
Identify and contrast the alternative definitions of total disability
Identify ways in which benefits are provided for partial disabilities
Explain how the maximum benefit period and the waiting period affect the cost of a disability income insurance policy
List and explain the common continuance provisions of individual health insurance contracts and identify the uniform provisions
Explain the way in which disability income needs can be estimated and how disability income insurance can be integrated with social insurance benefits
Identify the ways in which disability income insurance is marketed.
What protection sources, other than disability income insurance, may the individual have to protect against loss of earnings? Why is disability income insurance a necessary supplement to these forms
List the four definitions of disability thatmay be found in disability income contracts. Which is the most beneficial to the insured? Which is the narrowest form of coverage?
Describe the operation of a typical preexisting conditions exclusion in a disability income policy.
Briefly distinguish between long-term and short-term disability income contracts.
Briefly describe the twoways that coverage for partial disabilitymay be provided in disability income insurance.
Identify and briefly describe three optional benefits that may be included in disability income policies.
List and explain the alternative continuance provisions of individual health insurance policies.
What provisions may an insurer incorporate in an individual health insurance policy to guard against overinsurance and morale hazard?
Compare and contrast the uniform health insurance optional provisions that deal with a change in occupations by the insured and misstatement of age.
Joe Smith is considering the purchase of a disability income policy and is deciding between two policies sold by two different companies. Although both will pay until age 65 for disability arising
In his best seller Wealth Without Risk, Charles J.Givens, the self-styled expert on “low-risk ways to achieve and hold on to wealth,” offers the following advice as his strategy #32: “Buy
Which type of hazard (physical, moral, or morale)do you believe poses the greatest problem for an insurer writing disability income insurance?
You have been retained by an insurer to design a disability income policy covering accident and sickness but with appropriate provisions to protect against the special hazards associated with writing
One of the major problems facing a person who is permanently disabled is the possibility of erosion of purchasing powerwhen price level changes occur during the disability period. To what extent
Identify and describe the major problems associated with the current health care system?
Identify the past efforts that have been made to address the problems associated with the financing of health care in the United States?
Distinguish between the traditional fee-for-service approach to health insurance and the capitation system of managed care providers?
Identify common cost-containment activities that have been adopted by health insurers?
Identify and describe the traditional forms of medical expense insurance, distinguishing?between basic policies and major medical insurance?
Explain how managed care and consumer-directed health plans differ in their approach to controlling health care costs?
Describe the key features of the Patient Protection and Affordable Care Act?
Identify the major problems associated with health care listed in the chapter.What measures have been taken in the past to address these problems?
Explain what is meant by an ERISA-exempt health insurance plan. Why are these plans popular with employers?
Briefly describe the distinguishing characteristics of a comprehensive major medical policy.
Give reasons for the coinsurance feature and the deductible in the major medical policy. Are both necessary?
Briefly describe the distinguishing characteristics of a health maintenance organization (HMO). How does an HMO differ from the other insurers operating in the health insurance field?
In what ways does the operation of the private insurance mechanism complicate the problem of health care access?
What is a consumer-directed health plan, and how does its design attempt to control health care costs?
To what extent can the provisions of the tax code influence the decision to insure or retain the health care exposure? Your answer should include a discussion of the provisions of the code with
Explain what is meant by the term limited health insurance policies. To what extent do such contracts violate the rules of good risk management?
Movie audiences cheered when the heroine in the movie As Good as It Gets referred to her HMO with an expletive. Do you agree or disagree with the sentiment expressed by the audiences? Why?
The Patient Protection and Affordable Care Act limits the extent to which insurers may consider age in establishing rates. The result is higher premiums for younger insureds, and lower premiums for
In a 1999 survey, a significant percentage of physicians stated that theywould misrepresent a patient’s symptoms to an insurer if the misstatement would result in payment for treatment that would
Statemandates are intended to spread the cost of covering certain procedures such as infertility treatments. Do you agree or disagree with the exemption of ERISA plans from these mandates?
“Much of the increase in the cost of medical care can be attributed to unnecessary and undesirable overutilization of health services, often prompted by the existence of insurance.” Do you agree
Describe the benefits provided by the traditional Medicare program?
Explain how Medicare supplement policies dovetail with traditional Medicare coverage
Explain the alternatives to the traditional Medicare coverages that were added to the Medicare program by the Medicare Advantage coverage options
Describe the features of long-term care insurance
Identify and briefly explain the alternatives to long-term care insurance
In general terms, identify the qualification requirements for Medicaid and explain the way in which the Medicaid program provides for financing of long-term care needs

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