Ask Question
BusinessBusiness
13 April, 20:26

Kurt purchased a policy with an initial premium of $3,000 and may elect how much he desires to pay in premiums from now on. He has purchased a face value of $100,000 and can accumulate cash value. What type of life insurance has Kurt purchased?

+1
Answers (1)
  1. 13 April, 20:57
    0
    Universal Life Insurance

    Explanation:

    The key characteristics of universal life insurance are:

    A lump sum is paid as premium at an initial stage It is a flexible form of insurance where the insured can elect how much premiums he / she pays, and also the death benefits they receive. Policyholders may access a portion of the accumulated cash value without affecting the guaranteed death benefit

    From the question,

    Kurt paid a lump sum of $3,000 which is his initial cost of insurance. Kurt also has the flexibility of choosing the premiums he pays regularly. Kurt also has the ability to accumulate a cash value and access a portion of it

    These key indicators show that Kurt is on a universal life insurance plan
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Kurt purchased a policy with an initial premium of $3,000 and may elect how much he desires to pay in premiums from now on. He has ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
How does the pension fund act as an investor?
Answers (1)
Which one of the following types of losses is excluded from the determination of net income in income statements? Material losses resulting from transactions in the company's investments account.
Answers (1)
On Monday, the regular price of a widget was discounted by 25 percent. On Tuesday, the reduced price was discounted by 50 percent. If the final price was $60, what was the regular price?
Answers (1)
hare Issuances for Cash Chase, Inc., issued 10,000 shares of $20 par value preferred stock at $50 per share and 8,000 shares of no-par value common stock at $20 per share. The common stock has no stated value. All issuances were for cash. a.
Answers (1)
An international transaction in which goods and services are exchanged for different goods and services. joint venture countertrade alliance multinational trade
Answers (1)
New Questions in Business
Many new business will run at a loss in the beginning? A. TRUE B. FALSE
Answers (1)
The one-to-one property of natural logarithms states that if ln x = ln y, then
Answers (1)
The Fisher effect:a. says the government can generate revenue by printing money. b. explains how prices adjust to obtain equilibrium in the money market. c. says there is a one for one adjustment of the nominal interest rate to the inflation rate. d.
Answers (1)
Sandra has a young child and would like to set money aside for her college education. Which type of savings option should Sandra choose? money market account treasury security basic savings plan 529 plan
Answers (1)
A company offers ID theft protection using leads obtained from client banks. Three employees work 40 hours a week on the leads, at a pay rate of $16 per hour per employee.
Answers (1)
Home » Business » Kurt purchased a policy with an initial premium of $3,000 and may elect how much he desires to pay in premiums from now on. He has purchased a face value of $100,000 and can accumulate cash value. What type of life insurance has Kurt purchased?
Sign Up Forgot Password?