FINANCE Unit 4 Risk Management & Insurance Life Insurance Quotes

Transcription

1 FINANCE Unit 4 Risk Management & Insurance Life Insurance Quotes Assignment: Get quotes for monthly rates for life insurance based on a variety of health, factors. This assignment is worth 100 points and will count as a Work grade. Part 1: Obtain Various Life Insurance Quotes 1. Go to Life Insurance Quotes link available on EDLINE. 2. Use the following information for your first quote: State put in Virginia (VA) Birth Date put your current birth date with a year that would make you 25 Gender put in your gender Height & Weight put in your current height and weight Tobacco/Nicotine Use put in Never used Coverage Amount leave as $750,000 Level Premium Period leave as 20-Year Guaranteed Term Health Class leave as Best Class Leave the Name, Phone Number, and Address BLANK. instructions, along with your memo.

2 3. Click the Compare Rates Now! button and record the monthly premium range (lowest and highest) on the worksheet included with this assignment (last page). Record the range (lowest to highest) of the monthly premiums for life insurance on the attached worksheet. 4. Change the health class to Preferred and click the Get a New Quote! button. Record that new range on the worksheet. Change the health class to Standard Plus and get a quote on it. Then change the health class to Standard and get a quote on it. Record each of these on the worksheet. 2

3 5. Click the back button until you return to the original page that has you input your basic information (page shown in Step 2). Change the characteristic to match the characteristic change shown on the worksheet. Get quotes for each health class based on the new characteristic. Reset the information back to your original information before trying to obtain the quote for the next characteristic(s). 6. Complete the table, changing the information requested each time. 7. Answer the questions that follow the table. 3

4 4

5 Name Finance Unit 4 Risk Management & Insurance Life Insurance Quotes Record the range (lowest to highest) of the monthly premiums offered to you based on the characteristics shown on the table. Remember to click the Back button to return to the original information fill-in page and reset the changes from the previous quote to your original answers after you get quotes on all health classes and before getting the next quote. Characteristic Health Class Best Class Preferred Standard Plus Standard You with all the initial criteria described in the assignment Change birth year to make you 40 years old Reset your age after you get the quotes to make you 25 again Change weight to current weight plus 50 pounds Reset your weight after you get the quotes to your current weight Change Tobacco/Nicotine use to Current User (cigarettes, less than 1 pack a day) Change all characteristics to those listed above (40 yearold overweight smoker) Answer the following questions: 1. When you get older, life insurance premiums are higher/lower (circle one). 2. If you smoke, life insurance premiums are higher/lower (circle one). 3. If you get out of shape (excessive weight, etc.), life insurance premiums are higher/lower (circle one). 4. If your health deteriorates (as shown with lower Health Class), life insurance premiums are higher/lower (circle one). State three things you can do to keep premiums low, especially as you get older. 5 Turn in this page only; do not turn in the