What factors determine the amount paid to survivors under the Death Benefits subsection?

Study for the Alberta General Insurance Level 2 License Exam. Engage with flashcards and multiple choice questions, each question comes with hints and explanations. Prepare effectively for your exam!

The correct answer highlights the significance of the deceased's age and occupation in determining the amount paid to survivors under the Death Benefits subsection. The age of the deceased is crucial because it relates to potential earning capacity and the number of years the individual may have contributed to the family's income. Younger individuals may have a longer work-life ahead of them, thus possibly resulting in a higher benefit.

The occupation of the deceased is equally important because different occupations come with varying levels of income, benefits, and societal contributions. Certain jobs may provide higher wages or specialized benefits that directly affect the financial needs of the survivors. The nature of the occupation may also impact the benefits offered by the insurance policy.

While other factors like income, household status, and marital status can influence some aspects of the survivor's financial situation, they are not primary criteria used in establishing the death benefits amount under this subsection. Thus, age and occupation are the most relevant determinants in this context.

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