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Understanding Insurance Discussion Questions & Case Studies Due 05-01-08
Type the Discussion Questions on page 99 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 99 of your Financial Peace Workbook and answer them in a complete sentence.
11 comments:
Discussion
1. Explain two ways you can save mopney on autop insurance.
-Just get liability, and make sure your car is payed off.
2. Why should you get a "contents policy"if you live in a dorm room?
- In case someone breaks in and stills your things you will get reimbursed.
3. Explain why life insurance should not be used as a savings plan.
-Because you don't get the money until that person dies.
4. Discuss what is meant by "buy term adn invest teh difference".
-Buy term life insurance and what you save put in an savings account.
5. Why do you thinjk most people do not purchase disability insurance?
- Becuase they would probablly lose money off theri check.
Case Studies
1. Sonya's brother sold her a $100,000 whole life insurance policy and she is paying $125 per monthin premiums. She is single and has since found out that term insurance would be a bettter buy. She wants to change but is afraid she will hurt her brothers feelings by doing so. What would you tell Sonya to do in this case?
-I would tell not to do it because she wont always be single.
2. Bill and Anne have two young children, ages 2 and 4, and they are nto currently covered under any life insurance policy. Anne is a full-time mom adn brings in zero income. Bill currentley makes areound $45,000 per year in incoome. They are just barley able to make their monthly payments on all fo their stuff, so getting life insurance coverage does not seem like a pressing issure at this time. What would you suggest Bill and Anne do when it ocmes to life insurance?
- I would tell them to just take out what little bit of life insuranse they could afford with out getting behind on any bills.
. Type the Discussion Questions on page 99 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 99 of your Financial Peace Workbook and answer them in a complete sentence.
1. Explain two way you can save money on auto insurance? You could get on someone else’s account and you would pay less. Get a not sporty car.
2. Why should you get a “contents policy” if you live in a dorm? I don’t know what that is.
3. Explain why life insurance should not be used as a savings plan. Its not for saving, its for insuring your bills are paid.
4. discuss what is meant by “buy term and invest the difference”. I guess you buy it with the money you have and invest whats left.
5. Why do you think most people do not purchase disability insurance? They think they are invincible.
1.Sonya’s brother sold her a $100,000 whole life insurance policy and she is paying $125 per month in premiums. She is single and has since found out that term insurance would be a better buy. She wants to change but is afraid she will hurt her brother’s feelings by doing so. What would you tell Sonya to do in this case? I would tell her to do it. Feelings are one thing but time heals.
2.Bill and Anne have two young children, ages 2 and 4, and they are not currently covered under life insurance policy. Anne is a full-time mom and brings in zero income. They are just barely able to make their monthly payments on all of their stuff, so getting life insurance coverage does not seem like pressing issue at this time. What would you suggest would you suggest Bill and Anne do when it comes to life insurance coverage? Get rid of some stuff and get life insurance.
Discussion:
1. Explain two ways you can save money on auto insurance.
-Buy only liability insurance. Raise your premiums so you can get a low deductible.
2. Why should you get a “contents policy” if you live in a dorm?
-Incase something gets stolen.
3. Explain why life insurance should not be used as a savings plan.
-You shouldn’t rely on your life insurance as a savings account. You should already have a savings account for emergencies.
4. Discuss what is meant by “buy term and invest the difference”.
-You take the money that you save from buying term insurance and invest it.
5. Why do you think most people do not purchase disability insurance?
-They don’t want to have to pay for it. They don’t realize they may get hurt in the future.
Case Studies:
1. Sonya’s brother sold her a $100,000 whole life insurance policy and she is paying $125 per month in premiums. She is single and has since found out that term insurance would be a better buy. She wants to change but is afraid she will hurt her brother’s feelings by doing so. What would you tell Sonya to do?
-I would tell her to drop the coverage she has now, and just explain to her brother that she can save more money with term insurance. He will probably understand.
2. Bill and Anne have two young children, ages 2 and 4, and they are not currently covered under any life insurance policy. Anne is a full-time mom and brings in zero income. Bill currently makes around $45,000 per year in income. They are just barely able to make their monthly payments on all of their stuff, so getting life insurance coverage does not seem like a pressing issue at this time. What would you suggest Bill and Anne do when it comes to life insurance coverage?
-I would suggest that they stop buying “stuff” and get life insurance. They don’t need “stuff” near as much as they need life insurance.
1. Explain two ways you can save money on auto insurance.
-Buy a car that’s cheap on gas. =]
2. Why should you get a “contents policy” if you live in a dorm?
-I have no idea what a contents policy is.
3. Explain why life insurance should not be used as a savings plan.
-Because life insurance is protection against financial loss resulting from death.
4. Discuss what is meant by “buy term and invest the difference”.
-Differnce is something you subtract from another thing.
5. Why do you think most people do not purchase disability insurance?
-Because they are afraid they’re going to get hurt I guess.
1. Sonya’s brother sold her a $100,000 whole life insurance policy and she is paying $125 per month in premiums. She in single and has since found out that term insurance would be a better buy. She wants to change but is afraid she will hurt her brother’s feelings by doing so. What would you tell Sonya to do in this case?
-I would tell her to not include her brother in her money plans and who cares if she hurts her brothers feelings or not.
2. Bill and Anne have two young children, ages 2 and 4, and they are not currently covered under any life insurance policy. Anne is a full-time mom and brings in zero income. Bill currently makes around $45,000 per year in income. They are just barely able to make their monthly payments on all of their stuff, so getting life insurance coverage does not seem like a pressing issue at this time. What would you suggest Bill and Anne do when it comes to life insurance coverage?
-I think they should get life insurance and not pay as much on the junk stuff so they can pay off the other stuff.
Discussion
1. Explain two ways you can save money on auto insurance.
-A good way is to get liability and a good bargain.
2. Why should you get a “contents policy” if you live in a dorm?
-You never know what could happen if you live in a dorm.
3. Explain why life insurance should not be used as a savings plan.
-Everyone should have life insurance and it doesn’t matter if you need to save for it because its important enough not to.
4. Discuss what is meant by “buy term and invest the difference”.
-You need to buy the tern and invest the difference so you could get more money for it.
5. Why do you think most people do not purchase disability insurance?
-It is very doubtful to have a disability in the middle of your life.
Case Studies
1. Sonya’s brother sold her a $100,000 whole life insurance policy and she is paying $125 per month in premiums. She is single and has since found out that term insurance would be a better buy. She wants to change buy is afraid she will hurt her brother’s feelings by doing so. What would you tell Sonya to do in this case?
-I would tell her to go ahead and buy that insurance if it is better for her.
2. Bill and Anna have two young children, ages 2 and 4, and they are not currently covered under any life insurance policy. Anne is a full-time mom and brings in zero income. Bill currently makes around $45,000 per year in income. They are just barely able to make their monthly payments on all of their stuff, so getting life insurance coverage does not seem like a pressing issue at this time. What would you suggest Bill and Anne do when it comes to life insurance coverage?
-I would tell them that getting life insurance is very important and that they need it badly if anything happens to them.
Discussion:
1. Explain two ways you can save money on auto insurance.
You can always keep good records with your money. Insurance is easy if you keep a clean record.
2. Why should you get a “contents policy” if you live in a dorm?
If any emergency happens, your possessions will not be taken.
3. Explain why life insurance should not be used as a savings plan.
If the person dies, they leave a huge amount of debt.
4. Discuss what is meant by “buy term and invest the difference”.
Whatever you buy, save the extra and make more.
5. Why do you think most people do not purchase disability insurance?
Most people do not think that they could be the one hurt.
Case Studies:
1. Sonya’s brother sold her a $100,000 whole life insurance policy and she is paying $125 per month in premiums. She is single and has since found out that term insurance would be a better buy. She wants to change but is afraid she will hurt her brother’s feelings by doing so. What would you tell Sonya to do?
Her brother’s feelings do not matter. This is her money, she needs to use it to the best of ability.
2. Bill and Anne have two young children, ages 2 and 4, and they are not currently covered under any life insurance policy. Anne is a full-time mom and brings in zero income. Bill currently makes around $45,000 per year in income. They are just barely able to make their monthly payments on all of their stuff, so getting life insurance coverage does not seem like a pressing issue at this time. What would you suggest Bill and Anne do when it comes to life insurance coverage?
They NEED life insurance. If they are barely making it by, just think about it with one person and 2 kids.
Chapter 9.
Discussion
1. Explain two ways you can save money on auto insurance.
- You could not buy an expensive car. And for older cars you could drop collision.
2. Why should you get a "contents policy" if you live in a dorm?
- Because you do not want your stuff to be stolen.
3. Explain why life insurance should not be used as a savings plan.
- Because it is not that reliable.
4. Discuss what is meant by "buy term and invest the difference".
- It means to use your money wisely.
5. Why do you think most people do not purchase disability insurance?
- It is too expensive, and they do not fully understand it.
Case Studies:
1. Sonya's brother sold her a $100,000 whole life insurance policy and she is paying $125 per month in premiums. She is single and has since found out that term insurance would be a better buy. She wants to change but is afriad she will hurt her brothers feelings by doing so. What would you tell SOnya to doin this case?
-I would tell her to just do what she wants. Her wealth is more important than her brothers feelings.
2. Bill and Anne have two young children, ages 2 and 4, and they are not currently covered under any life insurance policy. Anne is a full-time mom and brings in zero income. Bill currently makes around $45,000 per year in income. They are just barely able to make their monthly payments on all of their stuff, so getting life insurance coverage does not seem like a pressing issue at this time. What would you suggest Bill and Anne do when it comes to life insurance coverage?
- I would say to get the cheapest available. Because they do need it in case Bill passes away, and Anne is left with nothing.
1. Explain two ways you can save money on auto insurance.
-You can raise your deductible or always carry adequate liability.
2. Why should you get a “contents policy” if you live in a dorm?
-Incase things get stolen.
3. Explain why life insurance should not be used as a savings plan.
-Because it’s life insurance, not a savings plan.
4. Discuss what is meant by “buy term and invest the difference”.
-buy term insurance and save the extra money you have to invest it.
5. Why do you think most people do not purchase disability insurance?
-Because they don’t want to.
1. Sonya’s brother sold her a $100,000 whole life insurance policy and she is paying $125 per month in premiums. She is single and has since found out that term insurance would be a better buy. She wants to change but is afraid she will hurt her brother’s feelings by doing so. What would you tell Sonya to do in this case?
-Don’t worry about his feelings because you will have a better buy and live better by saving money by using term insurance.
2. Bill and Anne have two young children, ages 2 and 4, and they are not currently covered under any life insurance policy. Anne is a full-time mom and brings in zero income. Bill currently makes around $45,000 per year in income. They are just barely able to make their monthly payments on all of their stuff, so getting life insurance coverage does not seem like a pressing issue at this time. What would you suggest Bill and Anne do when it someone’s to life insurance coverage?
-I would tell them to try to find the cheapest kind of life insurance because it would be cheaper than having to pay any kind of medical bill.
1 Explain two ways you can save money on auto insurance. You can buy a cheap car. You can drop liability.
2 Why should you get a contents policy if you live in a dorm. So you will know what is yours if it catches on fire.
3 explain why life insurance shouldn’t be used as a savings plan. Because life insurance is for when you die it goes to your family.
4 Discuss what is meant by buy term and invest the difference.buy something and sell it for profit.
5 Why do most people not purchase disability. Because they think they cant afford it.
1 sonyas brother sold her life insurance she is single and has found that short term is cheaper. She is worried she will hurt her b rothers feeling. I would tell her to see if he sells short term
2 bill and anne hav two young children they aren’t covered with life insurance anne is a full time mom and brings no income bill makes 45000 a year and they are barely able to pay monthly expenses what would you tell them when it comes to life insurance. Make a savings account and when you get enough money buy a policy. 1 Explain two ways you can save money on auto insurance. You can buy a cheap car. You can drop liability.
2 Why should you get a contents policy if you live in a dorm. So you will know what is yours if it catches on fire.
3 explain why life insurance shouldn’t be used as a savings plan. Because life insurance is for when you die it goes to your family.
4 Discuss what is meant by buy term and invest the difference.buy something and sell it for profit.
5 Why do most people not purchase disability. Because they think they cant afford it.
1 sonyas brother sold her life insurance she is single and has found that short term is cheaper. She is worried she will hurt her b rothers feeling. I would tell her to see if he sells short term
2 bill and anne hav two young children they aren’t covered with life insurance anne is a full time mom and brings no income bill makes 45000 a year and they are barely able to pay monthly expenses what would you tell them when it comes to life insurance. Make a savings account and when you get enough money buy a policy.
Discussion
1. Explain two ways you can save money on auto insurance.
Just get liability, and make sure your car is paid off. Just make sure you do not have a wreck though.
2. Why should you get a "contents policy” if you live in a dorm room?
In case someone breaks in and gets your stuff you can get money back for it.
3. Explain why life insurance should not be used as a savings plan.
Because you don't get the money until that person dies. It would make it much harder.
4. Discuss what is meant by "buy term and invest the difference".
Buy term life insurance and what you save put in a savings account. Leave it there for as long as possible and let it build up.
5. Why do you think most people do not purchase disability insurance?
They would probably lose money off their check. It would diminish there monthly money.
Case Studies
1. Sonya's brother sold her a $100,000 whole life insurance policy and she is paying $125 per month in premiums. She is single and has since found out that term insurance would be a better buy. She wants to change but is afraid she will hurt her brother’s feelings by doing so. What would you tell Sonya to do in this case?
I would tell her not to do it because she won’t always be single.
2. Bill and Anne have two young children, ages 2 and 4, and they are not currently covered under any life insurance policy. Anne is a full-time mom and brings in zero income. Bill currently makes around $45,000 per year in income. They are just barley able to make their monthly payments on all of their stuff, so getting life insurance coverage does not seem like a pressing issue at this time. What would you suggest Bill and Anne do when it comes to life insurance?
I would tell them to just take out what little bit of life insurance they could afford with out getting behind on any bills. That would defiantly be the best plan for the job.
1. Explain two ways you can save money on auto insurance.
Lowering your deductible and dropping collision insurance on older cars.
2. Why should you get a “contents policy” if you live in a dorm?
In case something of yours gets stolen.
3. Explain why life insurance should not be used as a savings plan.
Because you do not get back the money you pay them.
4. Discuss what is meant by “buy term and invest the difference”.
Get term insurance and invest the difference of that and whole life.
5. Why do you think most people do not purchase disability insurance?
Because they don’t think they are ever gonna be disabled.
Case Studies:
1. Sonya’s brother sold her a $100,000 whole life insurance policy and she is paying $125 per month in premiums. She is single and has since found out that term insurance would be a better buy. She wants to change but is afraid she will hurt her brother’s feelings by doing so. What would you tell Sonya to do?
Change and don’t worry about her brother.
2. Bill and Anne have two young children, ages 2 and 4, and they are not currently covered under any life insurance policy. Anne is a full-time mom and brings in zero income. Bill currently makes around $45,000 per year in income. They are just barely able to make their monthly payments on all of their stuff, so getting life insurance coverage does not seem like a pressing issue at this time. What would you suggest Bill and Anne do when it comes to life insurance coverage?
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