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it has the nighest amount

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Q: What is the benefit of choosing extended term as a nonforfeiture option?
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Benefit of choosing Extended Term Insurance as a nonforfeiture option?

It has the highest amount of Insurance Protection; Under this option the insurer uses the policy cash value to convert to term insurance for the same face amount as the former permanent policy. The duration of the new term coverage lasts for as long a period as the amount of cash value will purchase.


What nonforfeiture option has the highest amount of insurance protection?

Reduced paid up


How long does the extended term benefit option extend long term care coverage?

The extended term benefit option typically extends long-term care coverage beyond the original benefit period, usually for an additional specified number of years or until a specified lifetime maximum benefit is reached, depending on the terms of the policy.


When a reduced-paid up nonforfeiture option is chosen what happens to the face amount of the policy?

IT IS REDUCED TO THE AMOUNT OF WHAT THE CASH VALUE WOULD BUY AS A SINGLE PREMIUM


What Technical System Option?

choosing technical system option


The potential benefit lost by choosing a specific action from 2 or more alternatives?

The potential benefit lost by choosing a specific action from 2 or more alternatives is known as opportunity cost. It refers to the value of the next best alternative that is forgone when a decision is made. Understanding opportunity cost helps in making more informed decisions by considering the trade-offs involved in choosing one option over another.


Act of choosing or deciding?

voting


Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policy owner?

The company pays the surrender value and have no further obligations to the policy owner under Cash surrender


What is the correct order of steps to show how a cost-benefit analysis is done?

Be presented with a decision. List the costs of the decision. Figure out all of the benefits of the decision. Compare costs and benefits to see which is bigger. OR Come up with an option. Determine the costs of the decision. Calculate the amount of benefit that would be gotten from choosing the option. See if the benefits outweigh the costs to make a decision.


What is Technical system options?

choosing technical system option


Which of the following statements accurately describes how costs and benefits are calculated?

Calculations of cost and benefit are based on personal preferences (apex)It is simply the cost is taken away from the benefits. However working out these are much harder as not choosing one option adds a cost to the other ones while not choosing one of the others effects every other option and so forth.calulation of cost and benefits are based on personal perferences


What are the limitations of choosing a cheaper option?

Not reliableShort life spanPoor quality