sahaitong2552
18.10.2021 •
Business
The following accounts are used by Bridgid's Mittens, Inc.
Accounts Cash
Office Supplies
Accounts Receivable
Office Equipment
Accumulated Depreciation
Notes Payable
Wages Payable
Interest Payable
Unearned Service
Revenue Common
Stock and Additional
Paid-in Capital
Retained Earnings
Required:
For each of the above independent situations, give the journal entry by selecting the appropriate account descriptions and enter the amount(s).
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Ответ:
Based on comments that the client wants to pay a regular premium and leave the worry to the insurance company, the whole life insurance policy would best suit his expectations.
A whole life insurance policy is one of life insurance that allows life coverage until the death of the life of the client assured or pays the premium, it has the following traits:
Assures or insured throughout the life as long as the life assuredRegular payments or premiums are required throughout the lifeThe guaranteed rate of return and requires a level premium.Other products such as variable, term, and universal would not meet his expectations as:
Variable - expect to make separate account decisions
Universal - expect to direct premiums.
Term - not ideal for mature clients as it is not cost-effective coverage.
Thus, the correct answer would be - the whole life insurance.
Learn more about whole and term life insurance: