Struggle Stuff Flashcards
Life Insurance Provisions:
- APL
- Grace period (31 days)
- Reinstatement clause (must reinsure)
- Misstatement of Age
- Suicided clause
- Incontestable clause
Life insurance Dividend options:
- Cash
- Accumulated interest
- Paid up additions: buy fully paid whole life
- One year term: used to by 5th dividend
Non forfeiture Options:
- Cash
- Reduced Paid up insurance : DB = amount CV would purchase as a single premium
- Paid up term - policy continue as long as CV is around
Leading Economic Indicators:
- AVG hours for production workers
- Initial claims for unemployment insurance
- New manufacturing orders
- Vendor performance
- Contracts/orders for plant equipment
- New private housing units
- Interest rate spread
- Stock prices
- Money supply
- Index of consumer expecation
Coincident indicators:
- # of EE on non-agriculture payrolls
- Personal income less transfer pmts (SS, welfare)
- INDUSTRIAL PRODUCTIONS
Lagging indicators:
- Duration of unemployment
- Prime rate change
- Commercial and industrial loans outstanding
- Credit and personal income
- Change in consumer price index
Basic Perils:
WHARVES / FLT
Wind, hail, aircraft, riot, vandalism, vehicles, explosion, smoke, fire, lighting, theft
Broad Form Perils:
RAFF
Rupture of system, Artificially generated electricity falling objects, freezing
Excluded Perils:
OPEN WIF
Ordinance law, power failure, earth movement, neglect/nuclear, War, intentional loss, flood
Medicare Part A:
- Hospital stay
- Post hospital (skilled nursing - first 20 free)
- Hospice
- Pints of blood
Medicare Part B:
80/20 coverage
- Outpatient
- Preventative care
- Doctor services (office, house calls, etc.)
- Diagnostic
- Radiology
- Mental illness
- Transfusion
- Physical therapy
Transfer for Value Rules/exceptions:
Policy transferred for consideration, looses tax exclusion
Exceptions:
- Transfer to insured
- Transfer to a partner of the insured
- Transfer to Corp that the insured is a shareholder
- Transfer in a divorce
IRA Distributions before age 59.5 and 10% penalty:
Death
Disability
Education
Medical
Substantial equal payments
first time home purchase
medical expense
Birth/Adoption
Disaster
Qualified Plan Exemption to Penalty:
Before age 59.5
Death
Disability
Sub equal payments
Separation from service at 55
QDRO
Medical expense
Birth/Adoption
Disaster
Hardship withdrawals from PS and SB Plans:
OI and Penalty, no penalty if >59.5
Allowed at any age if meeting the financial needs and resource tests
Medical
Tuition
Principal residence
Prevent eviction
Funeral
Damages
Cant be excess to needed amount
