RI Life & Health case studies
RI Life & Health · Put your knowledge to work in context.
The Rhode Island Life & Health producer license is a state credential that allows a licensed individual to solicit, negotiate and sell life insurance and health insurance products in Rhode Island. It is designed for people entering or advancing in the insurance sales field - career agents, brokers, agency staff and financial professionals who want to offer life and health products alongside their other services. The RI Life & Health case studies are 5 cases and about 2,557 words.
1Term Replacement Funded by Surrendering a Variable Annuity
A 58-year-old nonsmoker owns a 400,000 15-year level term policy with seven years remaining; the annual premium is 620. His agent proposes surrendering a 60,000 variable annuity (cost basis 38,000, surrender charge 4,800) to help fund a new 400,000 whole life policy with an annual premium of 9,800.
615 words, about 3 min2Disability, Automatic Premium Loan, and Death During a Waiver Claim
A 52-year-old owns a 300,000 whole life policy with a 275 monthly premium, $12,400 cash value, and an automatic premium loan (APL) provision. He elected APL and also has a waiver of premium rider with a six-month elimination period.
509 words, about 3 min3Fixed Indexed Annuity Versus Immediate Income for a 68-Year-Old Widow
A 68-year-old widow has 350,000 in a maturing CD, 40,000 in savings, Social Security of 2,100 per month, and a pension of 900 per month. Her monthly expenses are 4,300.
504 words, about 3 min4Deductible, Coinsurance, Out-of-Pocket Maximum, and a Surprise Bill
A 45-year-old member has an individual major medical plan with a 2,500 in-network deductible, 80/20 coinsurance, a 7,000 in-network out-of-pocket maximum, and 30 office-visit copays. The plan has no out-of-network benefits except emergencies.
450 words, about 2 min5Needs Analysis, Policy Design, and Naming Minor Children as Beneficiaries
A 38-year-old married father earns 120,000; his wife earns 40,000. They have children ages 4 and 7, a 320,000 mortgage, 60,000 in savings, 180,000 in a 401(k), and 150,000 of group term life on him.
479 words, about 2 min