Health Care

Guaranteed renewable is when a policy cannot be cancelled and must be renewed when it expires unless benefits have been exhauseted. The company cannot change the coverage or refuse to renew the coverage for other than nonpayment of premiums. This includes changes in health conditions or marital or employment status.

Generally,life insurance premiums cannot be deducted by a business. A CPA can work with you to creatively legally deduct life insurance premiums. For example, Life insurance premiums which are part of a pension plan contribution can be deducted by the business. Speak to a CPA to learn more about this.

Any transfer of assets to an Inter Vivos Irrevocable Trust will not automatically create a 60 month period of ineligibility for Medicaid. When a transfer to a trust is made the period of ineligibility will be calculated by taking the dollar value of the asset transferred and dividing it by the average monthly cost of a nursing home as determined by the Department of Social Services in your area. Not all transfers to a trust will automatically create a 60 month period. There can be transfers made to a trust which create periods of ineligibility of less than 36 months. Speak to your local CPA or an elder law attorney for more information on trust transfers and Medicaid.

The standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 23 cents per mile driven for medical or moving purposes,
56.5 cents per mile for business miles driven,
14 cents per mile driven in service of charitable organizations

Worker's Compensation is a pretty straightforward type of coverage. It provides payment for all work-related injury medical bills, rehabilitation, and provides a certain amount of income after a waiting period (usually 7 days). It provides a death benefit, as well. Workers Compensation premiums are based on the payroll earned by employees during the policy period which usually is for one year. Rates are determined on the type of work performed. Your insurance agent can explain this coverage as it relates to the laws in your particular state.

Title insurance is a policy issued by a title insurance company insuring that the borrower has clear title to the property and that the lender has a valid mortgage subject only to potential liens, claims and exceptions disclosed in the title insurance policy.

Double Indemnity is a life insurance policy rider which pays double the face value amount of the policy, if the insured's death occurs as a result of an accident.

Guaranteed Insurability is a life insurance policy rider that allows additional insurance to be purchased at various times without submitting evidence of insurability.

An Incontestable Clause is a clause in a life insurance policy which gives the insurer the right to contest the validity of a policy due to such things as misstatements on the application It is usually issued within 2 years of issuance.