Under the National Flood Insurance Program (NFIP), flood insurance is Only available through Fair Plan insurers who participate in the NFIP's "Write Your Own" program. Only available directly from the Federal Insurance and Mitigation Administration or FEMA. Available directly from FEMA or through private insurers who participate in the NFIP's "Write Your Own" program. Available and underwritten through private insurers who retain all of the underwriting profits or losses.

Under the National Flood Insurance Program (NFIP), flood insurance is Only available through Fair Plan insurers who participate in the NFIP's "Write Your Own" program. Only available directly from the Federal Insurance and Mitigation Administration or FEMA. Available directly from FEMA or through private insurers who participate in the NFIP's "Write Your Own" program. Available and underwritten through private insurers who retain all of the underwriting profits or losses.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 1MCQ

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True or False : Insurance companies are regulated by the federal government, which helps maintain uniform coverage and premiums
Which of the following is not a regulatory responsibility of the Pension Benefit Guaranty Corporation? Select one: a. They oversee the termination of covered plans. b. They administer an insurance program for defined-benefit plans. c. They interpret legislation. d. They administer an insurance program for defined-contribution plans.
Supplemental coverage for homeowner's insurance is available through endorsements. Which one of the following is not a common form of additional coverage? A) personal articles floaters B) earthquake coverage C) flood protection D) medical payments E) inflation guard
Medicaid is provided to certain individuals and families with low income or resources. Which of the following items is not counted towards the income requirements? a. Housing assistance provided by the federal government O b. Social Security benefits O c. Pension Income O d. Veteran's benefits provided by the federal government.
Which of the following statements regarding asset ceilings for overfunded and underfunded pension plans is true? A. For underfunded pension plans, the issue is whether the sponsoring entity can realize the benefits of the underfunding either through reducing or stopping its contributions in the future or through withdrawing surplus funds. B. An overfunded pension results in a net defined benefit liability on the SFP. C. An underfunded pension has a fair value of plan assets that is less than the DBO. D. An asset ceiling is the minimum benefit that the employer can realize by reducing or stopping future contributions to a defined benefit pension plan.
A covered person obtained an fixed return life insurance policy with an SEC restricted entity before they became a covered person. They may continue to hold this policy as long as they do not make any changes to the policy terms. is this statement true of false ?
Insurance producers who must maintain Premium Fund Trust Accounts (PFTAS) may withdraw funds from the account to pay all of the following expenses EXCEPT: premiums due insurers A. B. C. D. claim payments due insureds return premiums due insureds commissions due other licensees P
Insurers in California are required to offer ________ coverage to consumers due to the substantial risk factors in that state. A) renters B) liability C) inflation D) earthquake E) bankruptcy
Which of the following is NOT true about a temporary insurance agreement? Select one: a. It can only cover life insurance and living benefits b. It expires the date the policy becomes effective c. The applicant will submit the premium with the application d. It can be provided if the agent believes the policy will be issued
The Employee Retirement Income Security Act (ERISA) requires that companies fund defined-benefit plans, but no such requirement exists for other postretirement benefits such as health insurance. Evaluate whether there should be a requirement that other postretirement benefits be funded.
A pension plan is underfunded when the employer’s obligation (PBO) exceeds the resources available to satisfy that obligation (plan assets) and overfunded when the opposite is the case. How is this funded status reported on the balance sheet if plan assets exceed the PBO? If the PBO exceeds plan assets?
Entity A obtains life insurance for its key employee from Entity B (an insurance company). Entity B cedes the insurance contract with Entity A to Entity C, another insurance company. How should Entity B account for the insurance contract with Entity C?A. using the modified version of the general model applicable for onerous insurance contractsB. using the general modelC. using a modified version of (a) or (b) applicable to reinsurance contracts heldD. using the premium allocation approach

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		Only available through Fair Plan insurers who participate in the NFIP's "Write Your Own" program.
		Only available directly from the Federal Insurance and Mitigation Administration or FEMA.
		Available directly from FEMA or through private insurers who participate in the NFIP's "Write Your Own" program.
		Available and underwritten through private insurers who retain all of the underwriting profits or losses.