A Major Objective of Buying Life Insurance Is

question 47

Multiple Choice

A major objective of buying life insurance is:

• A) To supplement retirement income
• B) To reduce the financial burden of the insured
• C) To protect the dependents in the case of premature death of the breadwinner
• D) To maximize savings
• E) None of the above

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Definitions:

Income Tax

refers to a tax levied by governments on the income earned by individuals and entities, which varies depending on the income level and source.

Levied

Imposed (a tax, fee, or fine) by authority or government, usually requiring payment by law.

American Health-Care System

The complex network of healthcare providers, insurers, and regulatory agencies in the United States, characterized by both public and private elements.

Affordable Care Act

A comprehensive healthcare reform law enacted in 2010 aimed at providing more Americans with access to affordable health insurance, improving the quality of healthcare, and reducing healthcare spending in the U.S.