Term
| When advertising, the agent/producer must have his/her agent's license number and picture displayed on the advertisement. (T or F) |
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Definition
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Term
| When the group disablity coverage is a noncontributory plan, the proceeds received by the employee are not taxable. |
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Definition
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Term
| Premiums paid by the employer for group Disability or group A&H policies, received by the employee business expense. (T or F) |
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Definition
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Term
| If the employer is the beneficiary named on a Key Person Disability Income policy, are the premiums tax deductible as a business expense? (Y or N) |
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Definition
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Term
| The benfits received from a Business Overhead Expense policy must be reported to the IRS as income. (T or F) |
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Definition
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Term
| Sole Proprietors may take a partial tax deduction for the payment of medical expense premiums on themselves and their families. |
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Definition
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Term
| The health care benefits received by an employer, employee or a business owner are not considered taxable income by the IRS (T or F) |
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Definition
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Term
| If premiums paid by an employer for a LTC policy are tax deductible, the proceeds received are generally (taxable/nontaxable) as income. |
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Definition
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Term
| The premiums for a Buy-Sell Agreement are not tax deductible as a business expense. (T or F) |
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Definition
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Term
| The premiums for an individual's personal disablity policy are fully tax deductible and the benefits received are fully taxable. (T or F) |
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Definition
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Term
| Which of the following insurance premiums may not be considered as business expense by the employer? A) Premium paid by the employer. B) Premium paid by the employee C) Business overhead expense |
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Definition
| B) Premium paid by the employee |
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Term
| The MSA was designed for the ________ deductible group health. |
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Definition
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