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- Question 2: A sets aside funds to be used for health-care expenses. Answer: A. flexible spending account В. O Payroll Deduction IRA С. O SIMPLE IRA plan D. O 403(b) planQuestion: 1) Which of the following is an example of mandatory deduction? A) Medical insurance. B) Union subscription C) Life insurance D) FNPF required: please answer this question by choosing the right option. *right/correct answer*Which type of insurance is not deductible as self-employed health insurance? a. Long-term care insurance O b. Medical insurance Oc. Disability insurance Od. Dental insurance Oe. Spousal medical insurance
- Traditional indemnity policies reimburse the insured based on the [amount charged | usual, customary, and reasonable (UCR) charges] for the medical services received. a. amount charged b. usual, customary, and resonable (UCR) chargesWhich of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information form13. Life insurance is necessary because it can provide (among other things) the benefits. Which of the following is the use of life insurance? * i. Income Fund Burial Expenses Mortgage ii. ii. iv. Education Fund O A. i, ii and ii O B. i, ii and iv O C. i, iii and iv O D. i, ii, iii and iv 14
- Transfer payments include i. social security benefits ii. medicare and medicaid benefits iii. unemployment benefits Group of answer choices iii only. ii only. i only. i and iii only. i, ii, and iii.A "waiver-of-premium” clause: Select one: a. allows the person to purchase additional insurance at no extra cost means the insured will receive the cash value immediately allows an insurance agent to pay your premiums b. C. O d. waives the suicide clause e. pays premiums in the event of illness or disability Clear my choiceQ5: Research about and in your own words, describe the different EXCLUSIONS FROM GROSS INCOME: Ø Proceeds of life insurance policyØ Amount received by the insured as a return of premiumØ Gift, bequest, or descentØ Compensation for injuries or sicknessØ Income exempt under treatyØ Retirement benefits, pensions, gratuities, etc.
- Briefly explain the following characteristics of long-term care insurance. Type of long-term care policies Triggers to become eligible for benefits Exclusions Protection against inflationWhich type of account can be used as a retirement savings account? Section 529 Plan. Health Savings Account. Flexible Spending Account. Coverdell Education Savings Account.Loans are available from term life insurance policies. a. True b. False Group of answer choices True False