MCS 2100 Lecture 6: u6 online

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: Jian Zhou

Document Summary

Liability or third party insurance: tenants insurance under your parents insurance, property insurance, deductible the insurance, co insurance clause. In order to determine premiums the insurance company needs to determine the probability the individual will die within a specified time period, higher probability higher the premium: usually require the insured to answer health related questions, undergo medical examination and answer lifestyle, generally those who have debt or dependents need life insurance unless they have accumulated enough financial questions to determine risk of death assets to cover those two costs, young people and elderly have none little life insurance while those with young dependents need the greatest amount because they have so many years of having dependents left, simplest method of determining how much life insurance you need is by the income replacement method. Life situation: jim and christine have 2 children, aged 3 and 6.