IRS Tax Code 7702 Insurance Plans Tax Code 7702 is a part of the IRS tax code that explains how cash-value life insurance policies can keep their tax-advantaged status. Section 7702 life insurance plans refer to tax-advantaged life insurance policies named after that specific section of the IRS tax code. […]
Insurance
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Is Workers’ Comp Taxable? Is workers’ comp taxable? Generally no, but a portion might be taxed if you also receive Social Security Disability Insurance (SSDI) benefits. Individuals who experience a work-related accident or sickness are entitled to workers’ compensation benefits. If you are qualified for temporary or permanent disability benefits […]
What Is a Unilateral Contract? A unilateral contract is a one-sided offer where the offer creates an obligation only if it is fulfilled by the performance of a specified act. The offeror commits to remit payment only following the occurrence of that certain act. In general, unilateral contracts are most […]
What Is a Contingent Beneficiary? What is a contingent beneficiary? It is the person next in line to receive a beneficiary-named account if the primary beneficiary is unable or unwilling. A contingent beneficiary is a secondary beneficiary who is essentially waiting in the wings, just in case. In other words, […]
What Is Voluntary Life Insurance? Voluntary life insurance is a type of financial protection that pays a cash benefit to a beneficiary if the insured dies. Employers may provide it as an optional benefit. In exchange for the insurer’s promise of reimbursement upon the insured’s death, the employee pays a […]
What Is a Branded Title Auto? A branded title identifies a vehicle that has sustained damage due to causes like accidents, flooding, odometer tampering, etc. Once a brand has been assigned to a car’s title, it cannot be removed by repair, no matter how thorough. A branded title indicates that […]