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What else can I help you with?
Joint and survivor life income option?
When you have partnership in a business. You can use that kind of option in which means: both are in a coverage under a policy that stipulate no benefits will be paid up to, both, die. And the beneficiaries will receive the benefit to pay business expenses.
What the amount paid for the coverage under an insurance policy is called?
These are referred to as "premiums".
What is the maximum amount a policyholder may collect under icc?
The maximum amount a policyholder may collect under the Insurance Claims Complaint Center (ICC) would depend on the terms of their specific insurance policy and the coverage limits outlined in that policy. It is important for policyholders to review their coverage details and understand their policy limits to know the maximum amount they can claim.
What is the tretment of Joint life policy premium?
A partnership firm may decide to take a Joint Life Policy on the lives of all partners. The firm pays the premium and the amount of policy is payable to the firm on the death of any partner or on the maturity of policy whichever is earlier. The objective of taking such a policy is to minimise the financial hardships to the event of payment of a large sum to the legal representatives of a deceased partner or to the retiring partner.The accounting treatment for the premium paid and the joint life policy may be on any of the following ways:1. When premium paid is treated as an expense:- When premium paid is treated as an expense the it is closed every year by transferring to profit and loss account. In this case complete amount received from the insurance company either on a surrender of policy or on the death of the partner becomes a gain.Accounting entries are:a. On payment of premiumJoint Life Policy insurance premium a/c ...DrTo Bank A/cb. On Charging to profit and loss accountProfit and Loss account ...DrTo Joint Life Policy insurance premium a/cc. On the maturity of the policyInsurance company/ bank a/c ...DrTo partner's capital a/c (individually){including the a/c of representative of deceased partner}2. When premium paid is treated as an asset:- In this case insurance premium paid is first debited to life policy a/c and credited to bank a/c. At the end of the year the amount in excess of surrender value is treated as a loss and is transferred to profit and loss a/c. In this case the amount received from the insurance company inn excess of the surrender value results in a gain at the time of receipt of such amount which is transferred to Capital accounts of the partners in the profit sharing ratio.3. Creation of Joint Life Policy:- Under this method, premium paid is debited to policy account and credited to bank a/c. At the end of the year, amount equal to premium is transferred from Profit and Loss Appropriation account to Policy reserve account. After this, policy account is brought down to its surrender value by debiting the life policy reserve account with amount which exceeds the surrender value of the policy. Thus, in this method, policy account appears on the asset side and policy reserve account appears on the liabilities side of the balance sheet until it is realised. This method is different from the method discussed in 2 only in respect of reserve account.On the death of a partner Joint Life Policy Reserve Account is transferred to Joint Life Policy account and then the balance is transferred to Partner's capital accounts.
Is there such a thing as Couple's Life insurance?
When 2 or more people are insured under the same policy where the death benefit is paid out upon the last death, it is called joint last-to-die life insurance. It is mainly used for estate planning, charitable giving, and paying off taxes.
How old was Beyonce when she did the video survivor?
When the video Survivor debuted Beyonce was just under 20 years old
What is the difference between health insurance policy and Critical illness policy?
A Health Insurance policy is a reimbursement of the medical expenses. Well Critical illness insurance is a benefit policy. Under a benefit policy upon the occurrence of an event, the insurance company pays the policyholder a lump sum amount. Under a Critical Illness policy, if the insured is diagnosed with any critical illness as specified in the policy.
Loss of earnings up to what amount is covered by a commercial general liability policy under supplementary payments?
Contact your agent and they will be able to give you exact amount.
When joint tenants take title to the real estate through the same instrument it is called?
Joint tenants must take title under the same instrument and that instrument is called a deed. Under the common law joint tenants must acquire the same interest at the same time. A joint tenancy is based on the legal theory that the tenants own one estate- together. Therefore, when one dies their interest is extinguished and the survivor is now the sole owner of the estate. Note also that property can be acquired as joint tenants pursuant to a will that specifically states the property so devised is to be held as joint tenants.
What is the age group watches survivor the most?
under 12
You are JTWROS Do you pay tax as a survivor?
I am a survivor on a jtwros account. Do i pay tax if it is under @600.000. Or do i just pay tax on the interest?
What does annual maximum mean in health insurance?
It means the manimum amount of benefits payable under the policy during the course of the policy year. The policy year is generally measured by the effective date of coverage until 12 months later. The annual maximum may be expressed in terms of applying to all persons insured under the policy, or per person.
