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18 Cards in this Set
- Front
- Back
Legal Elements of a contract |
Agreement - offer and acceptance Legal purpose - insurable interest Consideration - premium Competent party - sane, sober, legal age |
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CARPO |
Cash Accumulation of interest Reduce premium Paid up additional insurance One year level term |
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Medicare part B |
Home health care Medical expenses |
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Medicare Part C |
Advantage plans |
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3 options for benefit schedule group life |
Flat Occupation Earning |
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Recurrent Disability |
No elimination period |
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Presumptive Disability |
Loss of: Sight Hearing Both hands Booth feet One hand one foot |
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Exclusion in disability contract |
Pregnancy War Self injury Drug Alcohol |
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Reimbursement fornBusiness overhead expense di |
Rent Non-earning employees Business insurance premiums Utilities Licenses and fees |
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LTCI Bed Reservations |
Provideds 30-50 days of coverage for daily room expenses at hospital |
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Non-forfeiture benefit |
Allows coverage to continue if policy is terminated by insured |
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Problem areas solved in estate plannimg using life insurance |
Provides definite incomenfor estate Protects from creditors |
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Cognitive impairment |
Loss or deterioration in intellectual capacity |
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5 methods funding buy sell agreement |
Personal fund sinking fund Life insurance Installment payment Borrowed fund |
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3 benefits using life insurance to fund buy - sell |
Guaranteed Income tax free Establishes credit |
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4 methods of establishing a dollar value on key person |
Replacement cost Earnings approach Present value Seat of the pants |
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2 steps in implementing a key-person policy |
Written agreement Business pays premium |
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3 uses of key person insurance |
Indemnify revenue losses if death occurs Have funds to replace Pay for succession |