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Indeterminate premium life insurance is a type of whole life insurance that specifies two premium rates: a guaranteed maximum, and a lower rate you actually pay. The lower premium level is for a set period of time. Then the company establishes a new rate that may be higher or lower than the initial premium. But your premium can never be more than the guaranteed maximum.
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Can you write off whole life insurance on your business?
Life insurance is tax deferred so you cannot use the premium as a tax write-off.
What life insurance policy allows the premium to increase only for a class of insured?
Term insurance that has no guaranteed premiums. 4lifeguild
What is extended term insurance on a lapsed Whole Life Policy?
Calculate the total cost of a fire insurance premium for a building and contents given the following. (UseTable 20.3.)Rating of area Class Building Contents Total premium cost 3 B $90,000 $40,000 $
Is there an exception to the rule concerning the non-deductibility of life insurance premium?
You never want to deduct the premiums of a life insurance policy. The reason for this is if you deduct the premiums then the benefits will automatically be taxable. You certainly would not want the proceeds to be taxable just to get a very small tax deduction for the premiums. One of the best things about life insurance is that the proceeds are not subject to income tax. The same thing applies to certain other types of insurance. If you purchase disability insurance at work the premium is paid with after tax money so that the benefits will not be taxable. It works the same way. If the premium is paid by the employer as a benefit of your employer or if a clerk deducts it before tax through a cafeteria plan by mistake then the benefits will be taxable for income tax if you ever get disabled.
What insurance is known as ordinary of straight life insurance?
life insurance.
What is Modified premium life insurance?
Indeterminate premium
What is a single premium life insurance?
single premium life insurance: Single premium life insurance is a form of life insurance that's paid with one upfront lump-sum premium. Once you've purchased a single premium policy, you would receive a permanent death benefit that extends until you die.
How does universal life insurance differ from other forms of life insurance?
Universal life insurance means you will pay the same premium until death, where as with term life insurance you will pay a certain premium for a period of time and then may or not be offered the same premium again for another term.
Can you purchase life insurance in a lump sum single payment?
Yes, you can. It's called Single Premium Life Insurance. With single premium life insurance coverage one premium payment is made and the life insurance policy is fully paid up with no further premiums required.
What is flexible premium multifunded life insurance?
explain flexible premium multifunded life ins.
Is a flexible premium multifunded life insurance an annuity?
Its a Universal life insurance Policy.
What are some insurance companies that offer single premium whole life insurance?
Some Insurance companies that offer single premium whole life insurance are K&K Insurance, MetLife and Jackson National Life. Others are Mutual of Omaha or AXA Insurance.
How can one obtain premium whole life insurance?
One can obtain premium whole life insurance through their current insurance company. Several companies such as TD Insurance and BMO Insurance, offer great rates.
What is the average return of premium life insurance?
Return-of-premium life insurance is like an ordinary life insurance policy, but payments made on premiums are returned to the insured individual if the policy ends and they are still alive. Thus, return-of-premium life insurance policies do not punish one for outliving their life insurance. The average such policy might cost 25% to 50% more in premiums, compared to an ordinary life insurance policy.
When it comes to life insurance premium refers to?
a total cost of insurance coverage
Can a corporation deduct the life insurance premium for its president?
No
What branch of insurance was unearned premium started?
Life
