Commission is a percentage method of compensation based on the number of sales the employee made in a period of time.
Indicate whether the statement is true or false
Q. 2If Janice stops paying premiums on her 350,000 whole life insurance policy at age 23, how much longer could she be covered by a 350,000 term policy with no additional premiums? She originally purchased the policy 3 years ago.
Q. 3Piecework is a pay rate schedule based on an employee's production output, not on hours worked.
Indicate whether the statement is true or false
Q. 4Lilia Lopez purchased a 50,000 whole life insurance policy when she was 20 years old. She is now 35 years old and wishes to investigate her nonforfeiture options. As her insurance agent, use Table 19-3 from your text to determine: a. Option 1 b. Option 2 c. Option 3
Q. 5Jane receives a regular pay rate of 9.50 per hour. She receives overtime pay for any hours over 40 per week. Jane worked the following hours: Monday - 8 hours Tuesday - 9.5 hours Wednesday - 8.25 hours Thursday - 8.25 hours Friday - 8 hours Saturday - 6 hours Based on the information, only Jane's Saturday hours count as overtime. She receives 42 hours of regular pay and 6 hours of overtime. Her gross pay is 480.50.
Indicate whether the statement is true or false
Q. 6Elaine Neumann, 25 years old, is considering purchasing either a 20-payment life or a 20-year endowment policy. If Elaine is willing to spend 600 per year on insurance premiums, how much more coverage can she purchase with 20-payment life than 20-year endowment? (Round to nearest thousand; Use Table 19-1 from your text)
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