Taxation of ltc insurance - Study guides, Class notes & Summaries

H has suffered a covered disability away from her job and will shortly begin collecting benefits. The insurer sends a letter to H stating that she will not receive any benefit amounts greater than her income. This clause is known as: A: Over-insurance clause B: free look C: relation of earning to insurance D: relation of economic value - answer-C: relation of earning to insurance The insured should be aware of the issue date upon delivery a policy and the date should be listed on: A: the...

Kentucky Health Insurance Exam Prep | Questions and Verified Answers| 100 % Correct| Grade A (Latest 2024/ 2025 Update) Q: Premium payments for personally-owned disability income policies are... A. Tax deductible to the extent that they exceed 10% of the adjusted gross income of those itemizing deductions. B. When the premiums and other unreimbursed medical expenses exceed 5% of the employee's adjusted gross income. D. An employee's group medical benefits are generally exempt from taxatio...

Federal Taxation of Business Health Insurance - -Self employed people can deduct the cost of their personal health insurance -Self employed may deduct all LTC premiums -Disability buy out premiums not tax deductible -BOE insurance premiums are deductible LTC riders - -To sell LTC riders must complete 8 hour inital training -And 4 hours in addition to 24 month CE -Every march 31 businesses must affirm all their employees have this shit done Appointing a producer - -Insurance company lets ...

A return of premium life policy is written as what type of term coverage? - Answer- Increasing What are the two types of Flexible Spending Accounts? - Answer- Health Care and Dependent Care Taxation of LTC insurance... - Answer- excessive benefits may be taxable Nonforfeiture values guarantee... - Answer- that the cash value will not be lost Which method of dealing with risk is applied when insurance is purchased? a. transfer b. sharing c. avoidance tion - Answer- a. transfer ...

A return of premium life policy is written as what type of term coverage? - correct answer Increasing What are the two types of Flexible Spending Accounts? - correct answer Health Care and Dependent Care Taxation of LTC insurance... - correct answer excessive benefits may be taxable Nonforfeiture values guarantee... - correct answer that the cash value will not be lost Which method of dealing with risk is applied when insurance is purchased? a. transfer b. sharing c. avoid...

LONG TERM CARE CERTIFICATION TRAINING (8HRS) To determine whether or not long-term care policies can be considered similar policy forms, they are classified as all of the following EXCEPT - Independent When referring to an activity of daily living, the term "transferring" means - Moving in or out of bed, wheelchair or chair All of the following are factors that point to an increasing need for long-term care insurance EXCEPT - Family and friends are not reliable Which of the f...

LifeandHealthInsuranceExamFXQuestions and Answers. In coinsurance, the larger the percentage that is paid by the insured... - Correct Answer the lower the required premium will be. What entity can legally bind coverage? - Correct Answer Insurer The provision which states that both the policy and a copy of the application form the contract between the policyowner and the insurer is called the - Correct Answer Entire contract In an individual LTC insurance plan, the insured is able to dedu...

A return of premium life policy is written as what type of term coverage? correct answer: Increasing What are the two types of Flexible Spending Accounts? correct answer: Health Care and Dependent Care Taxation of LTC insurance... correct answer: excessive benefits may be taxable Nonforfeiture values guarantee... correct answer: that the cash value will not be lost Which method of dealing with risk is applied when insurance is purchased? a. transfer b. sharing c. avoidance ti...

Kentucky Health Insurance Exam Study Latest Update 100% Pass The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy become effective? A. as of the application date B. As of the policy delivery date C. As of the first of the month after the policy issue date D. As of the policy issue date A. As of the application date All of the following are true about group disability income insurance EXCEPT: A. Th...

All withdrawals taxed: qualified or unqualified plans? - Qualified An insurer wants to obtain information from investigators regarding an applicant for insurance. What must the insurer do in order to legally acquire this information? - Present the insured with a Disclosure Authorization Notice Annuities can be used to fund group or variable life insurance - false? association number of members needed for group insurance - 100 BOE policy: taxation - Premium = deductable expense, taxable ben...