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When a person receives an auto insurance settlement payment is the insurance company sending any notice of that payment to the IRS?
Wiki User
∙ 8y ago
Payments of this kind are not taxable at all. This is considered as compensation for a loss of some kind be it injury or property.
Wiki User
∙ 8y ago
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Do I need to pay taxes on an insurance claim payment?
No, the insurance settlement is considered compensation for a loss, not income.
Refund of payment bond?
Normally, these are not refundable. Bonds of this type are sometimes referred to as "reverse insurance"...the one providing it as part of the deal buys it, from a bonding/insurance company, and that company essentially guarantees performance of what the bond covers...they will perform if the one covered does ot. The premium is a payment, that like insurance, is NOT refunded if there are no claims.
When a company receives an invoice demanding payment for goods what 2 documents should they check before paying it?
the receiving document, the remittance advice, and the invoice
What is the use of a collection agency debt settlement?
A collection agency debt settlement means when someone is in debt and a company offers a settlement amount to the creditors owed. Payment arrangements are discussed and made, sometimes the amount is way less than the actual bill.
Which is the correct journal entry for receiving a payment from an insurance company for previously submitted claims?
insure claim resived bu party
What exactly is an annuity settlement?
An annuity settlement is a financial or insurance arrangement where the insured party receives periodic payments from the accused. The accused may then transfer their periodic payment responsibilities to an organized settlement organization.
How do I cash in a life insurance policy where I am the beneficiary?
Basically you can sell your life insurance policy to a life settlement company in exchange for a lump sum payment.
What is a structured settlement company or companies?
A structured settlement is a financial arrangement, where a person receives payment in increments. They are commonly used in injury cases or in cases of life-threatening diseases. They are also used to avoid trial in court.
How can I get cash for my structured settlement payment up front?
As part of the settlement negotations you can ask for payment up front. This can be handled with your attorney. Contact a company who buys settlement payments. You will only be eligible if your settlement is for more than a specific amount, which varies by the company offering the upfront payment.
Do I need to pay taxes on an insurance claim payment?
No, the insurance settlement is considered compensation for a loss, not income.
What is the other term for the cash payment settlement insurance option?
don't know
What is the meaning of buyer of structured settlement payment?
A structured settlement is a financial or insurance arrangement whereby payment is made by a series of periodic payments. Structured settlements are now commonplace in product liability or injury insurance claims.
What is a paper document from a health plan that lists the amount of a beneifit and explains how it was determined?
The patient receives an "Explanation of Benefits" (EOB) which is a report (sent by the insurance company) detailing the results of processing a claim. The (medical service) provider receives a "Remittance Advice" (or "remit") which is a notice sent by the insurance company that contains payment information about a claim.
What is an annuity settlement?
An annuity settlement is a payment to an individual for a settlement, typically from an insurance claim. It's basically any type of settlement for legal suit or other such cases.
Insurance company in adversely pays the patient instead of the physician what should you do?
Insurance companies will sometimes send a check to the patient rather than the physician. In the event the insured receives payment for the services provided, it is the insureds responsibility to forward that payment to the physicians accounts receivable department.
What do you call the payment of the insurance company?
premium
What exactly is a sell structured insurance settlement?
Keyword: sell structured insurance settlementJ&RQuestion: What exactly is a sell structured insurance settlement? What a sell structured insurance settlement means is that instead of getting a lump sum payment, you will receive as a claimant in the case of personal injury, a financial agreement or settlement.
