...Chapter One: The Marketing Landscape for Annuities Financial Services Industry The financial services industry consists of companies that offer products and services designed to help individuals, businesses, and governments meet certain financial goals, such as protecting against financial losses, accumulating and investing money or other assets, and managing debt and cash flow. Accumulation period The net amount paid for an annuity plus any interest or investment earnings, less the amount of any withdrawals or fees. Accumulation period The time period between the date that a contract owner purchases an annuity and the date that the annuity income payments begin. Annuitant The person whose lifetime is used to measure the length of time benefits are payable under an annuity contract. Annuity period The time span between each of the payments in the series of periodic annuity income payments. Annuity period The time span between each of the payments in the series of periodic annuity income payments Beneficiary The person or legal entity that receives any applicable annuity death benefit. Contract Owner The person or entity who applies for and purchase an annuity contract. Deferred Annuity An annuity under which periodic annuity income payments generally are scheduled to being at a future date, generally more than one year after the date on which the annuity was purchased. Equity-indexed annuity An annuity that offers certain principal and earnings guarantees...
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...Prepared By: Advantage Team, Metlife 1. Amitabha Roy 2. Sandeep Shekhar 3. Sudipta Chatterjee 4. Sanjoy Dey 5. Sumantra Gupta TABLE OF CONTENTS CHAPTER 1: INTRODUCTION AND INDIVIDUAL LIFE INSURANCE 3 CHAPTER 2: REGULATION OF THE INSURANCE INDUSTRY 5 CHAPTER 3: INTRODUCTION TO RISK AND INSURANCE 9 CHAPTER 4: MEETING NEEDS FOR LIFE INSURANCE 15 CHAPTER 5: THE INSURANCE POLICY 19 CHARTER 6: PRICING LIFE INSURANCE. 22 CHAPTER 7: TERM LIFE INSURANCE 26 CHAPTER 8: PERMANENT LIFE INSURANCE AND ENDOWMENT INSURANCE 30 CHAPTER 9: SUPPLEMENTARY BENEFITS 37 CHAPTER 10: LIFE INSURANCE POLICY PROVISIONS 44 CHAPTER 11: LIFE INSURANCE BENEFICIARY POLICIES 50 CHAPTER 12: ADDITIONAL OWNERSHIP RIGHTS 52 CHAPTER 13: PAYING LIFE INSURANCE POLICY PROCEEDS. 59 CHAPTER 14: PRINCIPLES OF GROUP INSURANCE POLICY 63 CHAPTER 15: GROUP LIFE INSURANCE. 68 CHAPTER 16: ANNUITIES AND INDIVIDUAL RETIREMENT SAVINGS PLANS 73 CHAPTER 17: GROUP RETIREMENT AND SAVINGS PLAN. 84 CHAPTER 18: MEDICAL EXPENSE COVERAGE 90 CHAPTER 19: DISABILITY INCOME COVERAGE. 94 CHAPTER 20:TRADITIONAL GROUP HEALTH INSURANCE PLANS 98 CHAPTER 21: TRADITIONAL INDIVIDUAL HEALTH INSURANCE POLICIES 104 CHAPTER 22: MANAGED CARE PLANS 109 CHAPTER 23: REGULATION OF HEALTH INSURANCE 113 CHAPTER 1: INTRODUCTION AND INDIVIDUAL LIFE INSURANCE Insurance companies are organized as either • Stock Insurance...
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...CERTIFICATE EXAMINATION IN INVESTMENT-LINKED LIFE INSURANCE PREFACE This course contains the study materials for the Certificate Examination in InvestmentLinked Life Insurance. The book may look ominously thick but please bear in mind that the market out there, both, the product producers and clients market has undergone tremendous changes in the last 15 years. The sudden deluge of information found here as compared to the earlier version is to provide a slightly higher level of understanding amongst agents, so that they can be better prepared when facing a client. The objective of this course is to provide basic fundamental knowledge of how investment-linked life insurance works and how to market it to the public. This course also introduces the agent to the world of Investment-Li n k e d L i f e Insurance sales and it is also hoped that the agents will not stop with this course but empower themselves with higher qualifications in the coming future. The Chapters in this course are designed in such a way, that a new person will get a clear picture of what Investment-Linked Life Insurance is all about and also sets a template for them to follow to a higher level in the future. It is hoped that the agents will utilise this course effectively and carry out their sales activities with stronger conviction and heightened confidence. CERTIFICATE EXAMINATION IN INVESTMENT-LINKED LIFE INSURANCE CEILLI CERTIFICATE EXAMINATION IN INVESTMENT-LINKED LIFE INSURANCE 1st Edition...
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...good, not private greed.” With the increasing significance of the harmonization of society, the view about whether businesses should be responsible for both ethics and society has been sparked off a heated discussion. From some people’s perspective, it would not exert much adverse impact on a company if it is not aware of its ethical and social responsibilities, since the profitability is the primary objective of running a business. Whereas the counter argument believes that business should additionally take its responsibilities for the moral development as well as the well-being of society. In my point of view, a corporation’s ethical and social responsibilities are positively interacted with financial performance, as well as other key aspects a businessman concerns about. In this essay, along with the general definitions of both ethical and social responsibilities and the benefits for a company, I would also present some business cases of either side of the controversy and provide analyses concerning those completely different results. Apart from it, there would be some recommendations about what measures can be adopted in the next step by both ethical and unethical companies. Actually, ethical responsibility relates to ethical decisions an organization made that are accepted by employees, customers and society (Ferrell et al, 2013; p30). It can be achieved by several...
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...power by which the sovereign through its law-making body raises revenue to defray the necessary expenses of government from among those who in some measure are privileged to enjoy its benefits and must bear its burdens. Two Fold Nature of the Power of Taxation 1. It is an inherent attribute of sovereignty 2. It is legislative in character Extent of Taxing Power Subject to constitutional and inherent restrictions, the power of taxation is regarded as comprehensive, unlimited, plenary and supreme. Scope of Legislative Taxing Power 1. Amount or rate of tax 2. Apportionment of the tax 3. Kind of tax 4. Method of collection 5. Purpose/s of its levy, provided it is for public purpose 6. Subject to be taxed, provided it is within its jurisdiction 7. Situs of taxation TAXES – enforced proportional contributions from the persons and property levied by the law-making body of the State by virtue of its sovereignty in support of government and for public needs. Characteristics of Taxes 1. forced charge; 2. pecuniary burden payable in money; 3. levied by the legislature; 4. assessed with some reasonable rule of apportionment; (see theoretical justice) 5. imposed by the State within its jurisdiction; 6. levied for a public purpose. Requisites of A Valid Tax 1. should be for a public purpose 2. the rule of taxation shall be uniform 3. that either the person or property taxed be within the jurisdiction of the taxing authority 4. that...
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...a reduction of taxable income. | |[pic] |C. The bond's basis is reduced by the amortization. | | |An individual taxpayer who has elected to amortize the premium on a bond that yields taxable interest may reduce the | | |bond's basis by the amortization of the premium. In addition, the amount of bond premium attributable to the tax year | | |may be used to offset interest received on the bond in computing the taxpayer's taxable income. | | |This response correctly states that the bond's basis is reduced by the amortization. | |[pic] |D. The bond's basis is increased by the amortization. | |Question #2 (AICPA.921101REG-P2-AR) | |[pic] | Alex and Myra Burg, married and filing joint income tax returns, derive their entire income from the operation of their retail candy shop. Their 2010 adjusted gross income was $50,000. The Burgs itemized their deductions on Schedule A for 2010. The following unreimbursed cash expenditures were among those made by the Burgs during 2010: |Repair and maintenance of motorized wheelchair for physically handicapped dependent |$ 300 | |child ...
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...PART I INTRODUCTION SCOPE OF TOTAL INCOME AND RESIDENTIAL STATUS INCOME EXEMPT FROM TAX PART II INCOME FROM SALARIES INCOME FROM HOUSE PROPERTY CAPITAL GAINS PROFITS AND GAINS OF BUSINESS AND PROFESSION INCOME FROM OTHER SOURCES TAX COMPUTATIONS PART III INTRODUCTION TO TAX PLANNING & TAX RELIEF TAX MANAGEMENT TECHNIQUES TAX COMPLIANCE MATTERS PART IV ESTATE PLANNING Detail Contents PART 1 CHAPTER 1 INTRODUCTION 1. Income Tax Mechanism in India 2. Basic concepts 1. Person 2. Assessee 3. Assessment year 4. Previous year 5. Rates of Tax 6. Accounting Method 7. Capital and Revenue Receipts 8. Income 9. Casual Income 3. Permanent account number CHAPTER 2 SCOPE OF TOTAL INCOME AND RESIDENTIAL STATUS 1. Definition of total income 2. Residential Status 3. Importance of residential status 4. Basic rule for determining residential status 1. Individual 2. HUF 3. Firms and association of person 4. Company 5. Every other person 5. Scope of income as per residential status 1. Resident 2. Not ordinarily resident 3. Non resident 6. Various kinds of income 1. Income received in India 2. Income deemed to be received in India 3. Income accruing or arising in India 4. Income deemed to be accrue or arise in India CHAPTER 3 INCOME EXEMPT FROM TAX 1. Understanding exempted income 2. Classification of exempted income 1. Fully...
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...1] Contract labor system * A workman is deemed to be employed as Contract Labor when he is hired in connection with the work of an establishment by or through a contractor. Contract workmen are indirect employees; persons who are hired, supervised and remunerated by a contractor who, in turn, is compensated by the establishment. * 3. Contract labor should not be employed where (a) The work is perennial and must go on from day to day;(b) The work is incidental to and necessary for the work of the factory;(c) The work is sufficient to employ considerable number of whole time workmen; and (d) The work is being done in most concerns through regular workmen. * 4. The Contract Labor (Regulation and Abolition) Act, 1970 Act and the Contract Labour (Regulation and Abolition) Central Rules, 1971 came into force on 10.2.71 * 5. Main objective of the Contract Labour (Regulation & Abolition) Act, 1970 is two fold:-i) To regulate the employment of Contract Labour in certain establishments; andii) To provide for its abolition in certain circumstances. In order to achieve above objectives, the Act lays down various requirements with regard to hiring of Contract Labour, its wages & earnings, working conditions etc. * Every Every industry engaging 20 or more workers on contract basis.6. contractor engaging 20 or more workers. * Contract is awarded by the concerned department /commercial7. Concerned deptt. send a job request to the purchase deptt.department...
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...Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyright © 2007, 1992 by The McGraw-Hill Companies, Inc. All rights reserved. Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-151048-6 The material in this eBook also appears in the print version of this title: 0-07-146974-5. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com or (212) 904-4069. TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc. (“McGraw-Hill”) and its licensors reserve all rights in and to the work. Use of this work is subject to these terms. Except as permitted under the Copyright Act of 1976 and the right to store and retrieve one copy of the work, you may not decompile...
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...taxation, the powers of the sovereign, characteristics of taxes, and the basic principles of a sound tax system, as well as the different taxable income and deductions. Definition of Terms TAXATION – is a power inherent in every sovereign state to impose a charge or burden upon persons, properties or rights to raise revenues for the use and support of the government and to enable it to discharge its appropriate functions. - It is a mode of raising revenue for public purposes. (Cooley) TAX – is a forced burden, charge, imposition or contribution assessed in accordance with some reasonable rule of apportionment by authority of the sovereign state upon person, property, or rights exercised, within its jurisdiction to provide public revenues for the support of the government, administration of the law or payment of public expenses. INCOME TAX SYSTEM OF THE PHILIPPINES • GROSS INCOME TAXATION-where a Final Tax is imposed on the gross amount of specified types of income. Example: Interest, royalty, prize, dividend, capital gain • NET INCOME TAXATION- certain deductions are allowed and subtracted from the aggregates of income not subject ot final tax; the tax is computed based on the resulting net income. THEORY AND BASIS OF TAXATION > necessity to defray the expenses of the government >regulatory >reciprocal duties of protection and support between the State and its inhabitants-benefits received principle >essential because the government can neither exist or endure without taxation >...
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...Tax Planning for salaried employees DON'T PAY MORE IN ORDER TO SAVE YOUR TAXES. Expert view for tax saving ........................................................................................................................................................ book I About this n India, most salaried people want to increase their personal savings and yearn to achieve financial freedom. But do they REALLY want to save money or are they too busy? Most people are not motivated enough to learn how they can maximize their savings by efficient budgeting of their personal finances. They are unaware of ways to save tax through tax-efficient investment options available in the market. Often, people do not make timely investments and end up paying huge amount of taxes at the end of the year. To make matters worse, lack of updated and timely information makes tax filing a dreaded chore. Salaried people often falsely believe that they do not need any financial planning as their income and expenses are regular. They presume that their savings automatically accumulate in the bank and do not require any intervention to maximize financial gains. But we believe that with some serious effort and knowledge, salaried people can save huge amounts of money and increase their annual income by investing their hard-earned money in tax-efficient schemes. Does tax planning make you nervous? Tax planning is an integral part of personal financial planning. The amount of scattered and incomprehensible...
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... We have all assignments, Cases and Exams for ACC 563 and many other classes. Email us support@hwmojo.com All Quizzes, Midterm Exam, Final Exam Solution Instant Download Chapter 1 Multiple Choice: 1. Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States? a. Securities and Exchange Commission b. Financial Accounting Standards Board c. International Accounting Standards Committee d. Internal Revenue Service Answer 2. What historical evidence of the business operations of the private estate of Apollonius was discovered early inthe20th century? a. The Iliad b. Plato's Republic c. The Zenon papyri d. Pacioli’s work, Summa de Arithmetica Geometria Proportioni et Proportionalita, Answer 3. Who has been given credit or developing the double-entry system of bookkeeping? a. Francis Wheat b. Fra Luca Pacioli c. A. C. Littleton d. William Paton Answer 4. Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board? a. The independence of the members of the APB. The individuals serving on the board had full-time responsibilities elsewhere that might influence their views of certain issues. b. The structure of the board. The largest eight public accounting firms (at that time) were automatically awarded one member, and there were usually five or six other public accountants on the APB. c. Harmonization. The accounting...
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...online resources • Complete, downloadable Instructor’s Manual For more information please contact your local Pearson Education sales representative or visit www.pearsoned.co.uk/melville We work with leading authors to develop the strongest educational materials in accounting, bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at work. To find out more about the complete range of our publishing please visit us on the World Wide Web at: www.pearsoned.co.uk Taxation Finance Act 2009 Fifteenth edition Alan Melville FCA, BSc, Cert. Ed. Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published 1995 Fifteenth edition published 2010 © Pearson Professional Limited 1995, 1996 © Financial Times Professional Limited 1997, 1998 © Pearson Education Limited 1999, 2010 The right of Alan Melville to be identified as author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording...
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...online resources • Complete, downloadable Instructor’s Manual For more information please contact your local Pearson Education sales representative or visit www.pearsoned.co.uk/melville We work with leading authors to develop the strongest educational materials in accounting, bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at work. To find out more about the complete range of our publishing please visit us on the World Wide Web at: www.pearsoned.co.uk Taxation Finance Act 2009 Fifteenth edition Alan Melville FCA, BSc, Cert. Ed. Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published 1995 Fifteenth edition published 2010 © Pearson Professional Limited 1995, 1996 © Financial Times Professional Limited 1997, 1998 © Pearson Education Limited 1999, 2010 The right of Alan Melville to be identified as author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording...
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...reviews—without permission in writing from its publisher, Sourcebooks, Inc.® All brand names and product names used in this book are trademarks, registered trademarks, or trade names of their respective holders. Sourcebooks and the colophon are registered trademarks of Sourcebooks, Inc.® First Edition: 2008 Published by: Sphinx® Publishing, An imprint of Sourcebooks, Inc.® Naperville Office P.O. Box 4410 Naperville, Illinois 60567-4410 (630) 961-3900 Fax: (630) 961-2168 www.sourcebooks.com www.sphinxlegal.com This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. From a Declaration of Principles Jointly Adopted by a...
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