When does a life insurance policy typically become effective?
A) When the policy is issued
B) When initial premium is collected and policy is issued
C) When the application is completed and signed
D) When the completed application is signed and initial premium is collected
Ans: B) When initial premium is collected and policy is issued
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The owner installed a custom chandelier in the hallway. When the property is sold can the owner take the chandelier?
A. Yes, custom chandeliers are personal property. B. Yes, if the parties to the sales contract agreed the chandelier is personal property. C. No, the item is attached and cannot be removed b the seller. D. No, installed chandeliers are fix fixtures and cannot be moved under any circumstances.
An investment requires an initial cash outlay of $110,000 and additional outlays of $65,000 at the end of each of the first three years
This investment is expected to result in incomes of $55,000 at the end of the first year, $80,000 at the end of the second year, $95,000 at the end of the third year, and $135,000 at the end of the fourth year. Calculate the IRR using the IRR function.A) 12.05% B) 15.41% C) 8.38% D) 19.73%