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.
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 ?
The Merritt Committee Investigation looked into solutions for dealing with: unethical and undesirable behavior by insurance companies effectiveness of state taxation as opposed to insurance regulation states that do not have a state insurance commissioner system in place insurers that violate risk-based capital requirements
Which of the following is true about the self-employed health insurance deduction? The deduction can be claimed when a subsidized employer health insurance plan is also available. The deduction can be claimed if the taxpayer has an overall business loss from self-employment. Long-term care premiums may not be deducted within specified dollar limitations based on age. The self-employed health insurance deduction is a for AGI deduction. Dental insurance is not included as deductible self-employed health insurance.
The City of Huble has a defined benefit pension plan for a number of its employees. Which of thefollowing is not included immediately in the determination of pension expense that this government should recognize in its government-wide financial statements?a. Service cost.b. Interest on total pension liability.c. Changes in pension liability as a result of a change in benefit terms.d. Changes in pension liability as a result of a change in economic or demographic assumptions.
Which of the following statements regarding a Qualified Tuition Program (Section 529 plan) is true? a.Contributions to the plan are deductible for AGI. b. Distributions from a Qualified Tuition Program are not allowed for room and board expenses. c. Earnings on the plan assets are not taxable if the money distributed from the plan is used for qualified education expenses. d. A resident of California may not contribute to a Qualified Tuition Program in another state.
The City of Huble has a defined benefit pension plan for a number of its employees. Which of the following is not included immediately in the determination of pension expense that this government should recognize in its government-wide financial statements? Service cost. Interest on total pension liability. Changes in pension liability as a result of a change in benefit terms. Changes in pension liability as a result of a change in economic or demographic assumptions.
The maximum coverage for automobile liability insurance under the Illinois insurance guaranty fund shall not exceed which amount? There is no limit under the Illinois insurance guaranty fund Policy limit of the automobile liability policy up to $500,000 $125,000 regardless of the policy limit Statutory minimum liability limits
Which of the following statements best describes a key issue in the finances of many state and local government pension programs? State and local governments improperly divert public revenues into pension funds to garner political support from government employees. Pension managers use an interest or discount rate that is too low when determining the amount of money to be set aside each year to cover future benefits. Many state and local governments make inadequate contributions into the pension funds to support promised future benefits. States assume the obligations of local pension programs.
Eden Orchards, the insured under a policy with Farm Insurance LLC, files a claim for a covered loss. The parties cannot agree on the amount of the loss. Under an appraisal clause, a. the loss will be appraised to the difference between the disputed values. b. the dispute will be submitted to an impartial third party for resolution. c. an estimate by an impartial, qualified third party can be demanded. d. the loss will be shared proportionately by the insurer and the insured

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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.