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Texas Life and Health

question

Under which condition would be an employees group medical benefits be exempt from income taxes?
answer

An employee’s group medical benefits are generally exempt from taxation as income.
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under a key Person disability income policy, premium payments
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Are made by the business and are not tax-deductible.
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Which of the following is INCORRECT concerning taxation of disability income benefits?
answer

If paid by the individual, the premiums are tax deductible.
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Which of the following is correct regarding Business Overhead Expenses insurance?
answer

Premiums are tax deductible.
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Concerning group Medical and Dental insurance, which of the following statements is INCORRECT?
answer

Employee benefits are tax deductible the year in which they were received.
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For group medical and dental expenses insurance, what percentage of premium paid by the employer is deductible as a business expense?
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100%
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What type of insurance is sold to small business owners that must meet overhead expenses such as rent or utilities following a disability?
answer

Business overhead expense
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Which of the following is NOT true regarding Workers Compensation?
answer

Benefits are offered by the insurer.
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Which type of insurance provides funds for a business organization to purchase the business interest of a disabled partner?
answer

Disability Buy-Sell
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Group disability income insurance premiums paid by the employer are
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Deductible by the employer as an ordinary business expense.
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Which of the following premium modes would result in the highest annual cost fora Life Insurance Policy?
answer

Monnthly
question

An insured is covered under 2 group health plans-under his own and his spouse’s. He had suffered a loss of $2000. After the insured paid the total $500 in deductible and coinsurance, the primary insurer covered $1,500 of medical expenses. What amount, if any, would be paid by the secondary insurer?
answer

$500
question

A husband and wife are insured under group health insurance plans at their places of employment. Because their employers pay for their plans, each is covered as a dependent under their spouse’s coverage. if the husband is hospitalized, how are the medical expenses likely to be paid?
answer

The benefits will be coordinated.
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S is a sole business proprietor who owns a medical expense plan. What percentage of the cost of the plan may he deduct?
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100%
question

Which of the following statements is correct concerning taxation of long-term care insurance?
answer

Excessive benefits may be taxable.