Erisa and qualified plans - Study guides, Class notes & Summaries

Describe an excess benefit plan. Excess benefit plans provide benefits that cannot be provided through qualified plans solely because of IRC Section 415 limits on benefits and contributions. If it is unfunded, an excess benefit plan is completely exempt from Title I of the ERISA. If it is funded, it is subject to Title I's reporting and disclosure, fiduciary responsibility and enforcement provisions. A supplemental plan providing benefits that a qualified plan cannot provide for reasons other ...

Maryland Life and Health General Exam Simulator Verified Answers A "premature distribution from a modified endowment contract (MEC) incurs a penalty tax of ️10% A business becoming incorporated is an example of risk ️transfer A certificate of coverage for a group health policy is best described as ️proof of coverage for the employee A contract is considered void in all of the following situations EXCEPT ️when consideration is unequal A description of a qualified plan's insurance...

CT Life & Health Insurance Exam (XCEL Solutions & Prometric) Qs&As Laura added a children's rider to her life insurance policy. What type of coverage was added? - AnswerLevel term With life insurance, the needs approach is used primarily in determining - Answer-How much life insurance a client should apply for A(n) __________ is a licensee who charges a fee for contracted insurance advisory services. - AnswerConsultant Jonas is covered with disability insurance through his employer. The...

Life Insurance and Health Insurance Exam Answers All 100% Correct Section 529 Plans - Answer - - state provided - can be funded by after tax dollars - can pay prepaid tuition - All earnings exempt from federal taxes - If withdrawn for unqualified withdrawl, 10% penalty Roth IRA - Answer - private retirement plan that taxes income before it is saved, but which does not tax interest on that income when funds are used upon retirement Distributions don't have to start before 70.5 40...

CFP Exam 2024 | 665 QUESTIONS| WITH COMPLETE SOLUTIONS GRADED A+. CFP Standards of Conduct Sections (6) Correct Answer: A. Duties owed to clients. B. Fin. Planning and Application of Practice Standards C. Practice Standards for Fin. Planning Process D. Duties owed to firms/subordinates E. Duties owed to CFP Board F. Prohibition on Circumvention Section A of CFP Standards of Conduct Correct Answer: Duties owed to Client: 1. Fiduciary Duty 2. Integrity 3. Competence 4. Diligence 5. Dis...

Which of the following can be defined as "the potential for loss"?Risk Which of the following describes the act of insuring a risk against possible loss?Risk Transfer A description of a qualified plan's insurance contract may be found in which ERISA reporting form?Annual Return/Report (Form 5500) Which of the following statements is NOT true concerning the relationship between group health insurance plans and Medicare? (Assuming the business has more than 20 employees)Group Health Co...

CT Life & Health Insurance Exam Questions and Answers 100% Pass Laura added a children's rider to her life insurance policy. What type of coverage was added? - Correct Answer ️️ -Level term With life insurance, the needs approach is used primarily in determining - Correct Answer ️️ -How much life insurance a client should apply for A(n) __________ is a licensee who charges a fee for contracted insurance advisory services. - Correct Answer ️️ -Consultant Jonas is covered with...

HRB FINAL EXAM PRACTICE QUESTIONS AND COMPLETE SOLUTIONS LATEST 2023-2024 | 100% VERIFIED. What is the personal exemption amount for 2016? - Answer $4,050 What two amounts are combined to make up the gross income filing requirments for most taxpayers? - Answer The standard deduction and the personal exemption amounts Under what circumstances might a taxpayer be required to file a return even though they do not meet the gross income filing requirements? - Answer 1. Has net employment of $40...

CFP Exam 2024 | 665 QUESTIONS| WITH COMPLETE SOLUTIONS GRADED A+. CFP Standards of Conduct Sections (6) Correct Answer: A. Duties owed to clients. B. Fin. Planning and Application of Practice Standards C. Practice Standards for Fin. Planning Process D. Duties owed to firms/subordinates E. Duties owed to CFP Board F. Prohibition on Circumvention Section A of CFP Standards of Conduct Correct Answer: Duties owed to Client: 1. Fiduciary Duty 2. Integrity 3. Competence 4. Diligence 5. Dis...

Which of the following types of health insurance covers the cost of providing non-medical custodial care to individuals with cognitive problems? A. Disability income insurance B. Long-term care insurance C. Hospital expense coverage D. Medical Expense coverage B All of the following are characteristics of a group health insurance plan EXCEPT: A. Only group members may be covered. B. There is one master contract B. Each person has a policy D. Benefits are essentially the same for al...