The Insurance Industry in the U.S.
The insurance industry in the United
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The insurance industry in the United States is one of the largest of all financial services. In 1994, Prudential's revenues (the largest of the American insurers) exceeded $313 billion, with a number of other companies having revenues in excess of $100 billion (Vogel 3). The concept of insurance is not unique to the American economy, but Americans have come to the point where insurance is issued for a variety of events and potential events unrivaled by other countries, particularly in the area of life insurance. Two types of life insurance are typically available in the United States: term and whole life. This research examines the differences between these types of insurance, considerations which cause consumers to favor one or the other type (based on their financial situation), and ways in which both are used by companies to protect themselves against the loss of an executive.Once an individual or family has determined the appropriate amount of life insurance to carry (usually this determination is made in conjunction with an insurance agent or a financial planner), the type (or types) of life insurance to be carried must be determined. The various types of life insurance and the express needs of each individual are the critical factors to be considered when making this decision. Term insurance is the oldest form of life insurance and is still a common way to issue life insurance. Under term insurance, prote
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ether the purpose of this fund is to pay off the mortgage in a single (or several) payments, or whether it is to be a mortgage continuation fund. In the latter case, the mortgage is continued as before the wage earner died, with the same (or similar) payments.
Life income for the surviving spouse is designed to provide the surviving spouse with the funds necessary to gain retraining (if necessary) to obtain a better-paying career position. Often, it is used to provide a nonworking spouse with the same level of income as the wage earner previously provided. This figure is typically calculated on a monthly basis.
Retirement income is the income that the insured receives from the cash surrender value of the insurance policy. This is the income that supplements Social Security and other pension type income but that is required to have a fulfilling and rewarding retirement. While expenses (and taxes) generally decrease during the retirement years, it is important that this figure be calculated when considering the amount of life insurance to purchase in order that an adequate retirement fund be available for the goals of the insured.
Spouse insurance is to be considered when a family has a nonworking spouse who may remain at ho
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Approximate Word count = 3563
Approximate Pages = 14 (250 words per page)
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