RMIN 4000 Edmunds Test 3 Questions And Answers With Verified Solutions Graded A+
9 views 0 purchase
Course
RMIN 4000 Edmunds
Institution
RMIN 4000 Edmunds
401(k) plan - a. Must have taxable income
b. Must be under age 72
c. Annual contributions to a 401K plan are income-tax deductible, investment income accumulates tax
free, and distributions are taxed upon withdrawal
d. Withdraw without penalty at age 59 ½
e. Certain hardship exceptions prior ...
RMIN 4000 Edmunds Test 3 401(k) plan - a. Must have taxable income b. Must be under age 72 c. Annual contributions to a 401K plan are income -tax deductible, investment income accumulates tax free, and distributions are taxed upon withdrawal d. Withdraw without penalty at age 59 ½ e. Certain hardship exceptions prior to age 59 ½ f. 2021 Maximum annual contribution - $19,500 g. 2021 over 50 catch up - $6,500 per year for a total of $26,000 h. Any employer match that you receive does not count toward this limit! additional insureds - person or party added to the policy by an endorsement advantages of group life insurance - - May be less expensive - Tax benefits to employees (costs are usually pre -tax) - Employer may pay all/part of premium ' - No evidence of insurability; no physical exam - Insurance you would not have otherwise Advantages of universal life insurance - -flexibility in payments -cash withdrawals are permitted -favorable tax benefits (death benefit is normally tax free) Advantages of whole life insurance - - Maintain coverage for your entire life (vs a certain time period with term) - Accumulate savings (cash -value) Affordable Care Act - insurers cannot deny coverage due to preexisting conditions aggregate deductible - the amount the insured is responsible for in total (over all losses during the policy period) before the insurer pays anything annuities - Periodic payment that continues for a fixed period of time or for the duration of a designated life or lives Approaches to estimate amount of life insurance needed - 1. Human Life Value Approach 2. Needs Approach Automatic Premium Loan - Overdue premium is borrowed from cash value (after grace period) Basic Parts of an Insurance Contract - 1. Declarations 2. Definitions 3. Insuring agreement 4. Exclusions 5. Conditions 6. Miscellaneous provisions Beneficiary Designation - - Primary/Contingent - Revocable/irrevocable - Specific Person(s)/Class Benefit Period - # years or until set age Bryan Tedford - - UGA BBA in risk management - Chartered Property Casualty Underwriter (CPCU) - Associate in Risk Management (ARM) - Insurance Company Tenure at ACE calendar year deductible - - An aggregate deductible that must be satisfied during the calendar year - The amount the insured is responsible for in total (over all claims during the policy period) before the insurer pays anything - Policies may include an individual and/or family deductible Change of plan - Provides policyholders flexibility to change plans Coinsurance - - The percentage of the bill in excess of the deductible, which the insured must pay out-of-pocket up to some maximum annual dollar limit - Helps to prevent overutilization of plan benefits - Typically 20%, 25%, or 30% Coinsurance in Health Insurance - a provision that requires the insured to pay a specified percentage of covered medical expenses after the deductible is met - reduces premiums and prevents overutilization of policy benefits Coinsurance in Property Insurance - encourages the insured to insure the property to a stated percentage of its insurable value. If coinsurance requirement is not met at the time of the loss, the insured must share the loss (as a coinsurer) conditions - provisions in the policy that qualify or place limitations on the insurer's promise to perform consumer/buyer - insured, employee Contribution of Equal Shares - each insurer shares equally in the loss until the share paid by each insurer equals the lowest limit of liability under any policy, or until the full amount of the loss is paid Copayment - flat amount the insured must pay each time health services are received
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller PatrickKaylian. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
