(1) Explain the difference between the family income policy and the family income rider. How would you expect their rates to differ and why?

(2) Explain the difference among the insured, the owner, and the beneficiary of a life insurance policy. Give a specific example in which each party might be a different person.

(3) The trend toward defined contribution plans, such as Section 401(k) plans, has been characterized as a movement from employer responsibility for employee welfare to increased individual responsibility. How do 401(k) plans place greater responsibility on the individual employee?

(4) Although a standard life insurance policy does not exist, certain provisions may be required by law. In addition, some optional provisions or modifications may need to be added to the basic policy. Which of the optional provisions do you think should be considered essential by the insurance buyer?