$47,250 × 1.25 × 0.025 = $1,477 (annual real estate tax)
TEFRA was a significant change to the way that Medicare interacts with employer-sponsored health plans and helped to reduce the financial burden on the Medicare program.
Renewable term life insurance policies provide coverage for a specific term or period of time, typically ranging from one to thirty years.
At the end of the term, the policyholder has the option to renew the policy for another term without the need for a medical examination. However, the premium rates for the renewed policy will be based on the insured's current age, which may result in higher premiums than the initial term.
The cash dividend option is not a nonforfeiture option. Nonforfeiture options are the choices that a policyholder has in the event that they decide to surrender their life insurance policy before it reaches maturity, or they are unable to continue making premium payments.
The purpose of nonforfeiture options is to provide some value to the policyholder in the event that they are unable to continue with the policy, rather than forfeit all premiums paid.
$477.82 x 12 = $5,733.84 interest per year
$5,733.84 / 7.125% = $80,475
$80,475 / 75% = $107,300
When the terms of a contract have not yet been carried out, the contract is said to be "executory."
A borrower gives a lender a mortgage lien (sometimes termed a deed of trust lien) on real estate as security for a real estate loan.
Workers and suppliers of materials for real estate improvements are protected by a mechanic's lien, a type of specialized, non-voluntary lien.
The 7-Pay Test is a requirement set forth by the Affordable Care Act (ACA) to determine whether a health insurance policy is considered a MEC policy.
A policy that is classified as MEC meets the minimum coverage requirements under the ACA and satisfies the individual mandate to have health insurance or pay a penalty.
Judgement is the answer. The debtor's real and personal possessions are both subject to a general, involuntary equitable lien known as a judgment.
Owner's title insurance shields you against unknown risks. It makes it less risky to buy a property with a long legal history that you might not know everything about. Although such "hidden risks" are uncommon, they still occur and thus need to be insured against.
Short-term disability insurance generally only covers non-occupational injuries or illnesses. This means that the injury or illness must not have occurred as a result of the individual's job or work environment.
A Flexible Spending Account (FSA) is a type of benefit plan in which a covered employee agrees to a reduction in compensation so that the amount can be used to cover qualified medical expenses on a pre-tax basis.
$412.50 x 12 = $4,950 (annual interest amount)
$4,950 / $60,000 (loan balance) = 8.25% (00825) interest
A medical underwriting exam is a physical examination or medical questionnaire that is used by an insurance company to evaluate an individual's health status and determine their eligibility for coverage.
The purpose of a medical underwriting exam is to assess the risk of insuring an individual and to determine the appropriate premium rates for the policy.
General real estate taxes, commonly known as ad valorem taxes, are based on property value (ad valorem is Latin for "according to value"). Specific, involuntary statutory liens. Government agencies and localities charge them.
