{"id":24410,"date":"2021-01-11T14:26:31","date_gmt":"2021-01-11T14:26:31","guid":{"rendered":"http:\/\/onlineclassesguru.com\/?p=24410"},"modified":"2021-01-11T14:26:31","modified_gmt":"2021-01-11T14:26:31","slug":"mike-and-molly-consider-themselves-middle-americans-with-a-small-but-positive-cash-flow-and-a-modest-net-worth-mike-age-63-is-just-a-few-years-away-from-retirement-whereas-molly-age-61","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2021\/01\/11\/mike-and-molly-consider-themselves-middle-americans-with-a-small-but-positive-cash-flow-and-a-modest-net-worth-mike-age-63-is-just-a-few-years-away-from-retirement-whereas-molly-age-61\/","title":{"rendered":"Mike and Molly consider themselves middle Americans \u2013 with a small but positive cash flow and a modest net worth. Mike, age 63, is just a few years away from retirement whereas Molly, age 61, plans to work a few more years once Mike officially retires. The following discussion provides a summary of the Hammonds\u2019 insurance planning situation."},"content":{"rendered":"<style type=\"text\/css\"><\/style><h4>Mike and Molly consider themselves middle Americans \u2013 with a small but positive cash flow and a modest net worth. Mike, age 63, is just a few years away from retirement whereas Molly, age 61, plans to work a few more years once Mike officially retires. The following discussion provides a summary of the Hammonds\u2019 insurance planning situation.<\/h4>\n<p>Life Insurance<\/p>\n<p>Mike owns a $350,000 universal life insurance policy. Molly is the insured and their son Robert, age 37, is the beneficiary. The policy has a cash value of $33,450 and of living benefits provision; all account earnings are used to offset premium expenses. Molly owns a 20 year $200,000 level term life policy that she purchased five years ago. She pays approximately $650 per year in premium costs.<\/p>\n<p>Property and casualty insurance<\/p>\n<p>Mike and Molly own a home as JTWROS that has a market and replacement value of $275,000. The house is insured with the standard HO-3 policy for $225,700. The policy requires that the Hammonds pay a $500 deductible per claim occurrence. Other provisions include the following:<\/p>\n<p>10% coverage on detached structures<br \/>\nCoverage up to $250 for cash<br \/>\nCoverage up to $1,500 for collectibles, artwork, and similar assets<br \/>\nPersonal property contents coverage equal to 20% of the insured dwelling<br \/>\nLiving expenses coverage for six months<br \/>\nCoverage up to $100,000 for personal liability<br \/>\nA replacement cost coverage endorsement is in place<\/p>\n<p>The Hammonds\u2019 two cars are insured under a personal automobile policy with split limit coverage of 250,000\/500,000\/50,000. They also have a $1 million excess liability policy.<\/p>\n<p>Health insurance<\/p>\n<p>The Hammonds are covered under Molly\u2019s group health insurance plan. The traditional plan has a lifetime maximum benefit equal to $5 million for the family, a $500 per person deductible, and an 80% coinsurance clause, with the family stop-loss limit of $2,500.<\/p>\n<p>Use the preceding case information to answer the questions that follow.<\/p>\n<p>1. In preparation for retirement, Mike is exploring his Social Security and Medicare insurance coverage. Which of the following is (are)a benefit provided by Medicare?<\/p>\n<p>1A. Hospice benefits for terminally ill persons.<\/p>\n<p>1B. A stop-loss limit for annual medical expenses in excess of $2500.<\/p>\n<p>1C. Coverage for custodial care.<\/p>\n<p>1D. Coverage for nonprescription drugs.<\/p>\n<p>2. Mike is considering purchasing a 12-year-old pickup truck for use when he goes hunting. The truck that he has his eye on has 90,000 miles but is in generally good condition. Which of the following insurance coverages should Mike probably exclude when purchasing an insurance policy for this truck?<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>Mike and Molly consider themselves middle Americans \u2013 with a small but positive cash flow and a modest net worth. Mike, age 63, is just a few years away from retirement whereas Molly, age 61, plans to work a few more years once Mike officially retires. The following discussion provides a summary of the Hammonds\u2019&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24410","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mike and Molly consider themselves middle Americans \u2013 with a small but positive cash flow and a modest net worth. Mike, age 63, is just a few years away from retirement whereas Molly, age 61, plans to work a few more years once Mike officially retires. The following discussion provides a summary of the Hammonds\u2019 insurance planning situation. - onlineclassesguru<\/title>\n<meta name=\"description\" content=\"Mike and Molly consider themselves middle Americans \u2013 with a small but positive cash flow and a modest net worth. Mike, age 63, is just a few years away from retirement whereas Molly, age 61, plans to work a few more years once Mike officially retires. 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