Insurance Flashcards
High frequency, high severity.
Avoid
High frequency, low severity
retain and reduce
High severity, low frequency
INSURE
Notice of loss is located where in the Insurance Contract?
Conditions
HIPAA
New employer cannot discriminate preexisting conditions if the employee was covered for 12 months or more AND less than 63 days elapsed since he or she lost coverage.
Which type of insurance is good for cash flow needs?
Level term
Which type of policy is best suited for funding a buy sell agreement?
Variable life
Universal Life Insurance
Guaranteed minimum interest rate but NOT a guaranteed cash value
Cross Purchase Agreement
The other owner needs to be both the owner and the beneficiary to keep the policy out of the first owner’s estate and out of the corporation’s assets.
Can a corporation deduct Business Overhead Expense Insurance?
No
Can a business deduct group term life insurance as an expense?
yes
Are hospice care and home health care covered under Medicare Part A?
Yes.
