> Dependent Property This refers to a kind of business-interruption endorsement on a commercial policy that protects you from financial losses caused by problems somewhere other than your business. “Dependent property” is defined as property not owned, operated or controlled by you but on which you are dependent for normal business operations.
> Earthquake coverage Quake coverage is available as additional coverage to standard commercial property and casualty policies. Earthquake coverage is available throughout Washington state, although it is relatively expensive for masonry structures and business operations with high-risk inventory or equipment.
> Indemnity Indemnity plans are also referred to as “fee-for-service.” Unlike managed-care plans, indemnity plans allow absolute freedom in selecting physicians or medical facilities and permit self-referral to a specialist.
The NCUA Board has issued an interim final rule amending share insurance to clarify coverage and implement changes required by share insurance reform Congress enacted in February.
“I am pleased to see this much needed change in account protection,” said Chairman JoAnn Johnson. “I view this immediate increase in retirement savings coverage as taking a large step to protect member’s accounts and as a vital way to encourage retirement saving. As personal retirement accounts surpass $100,000, Americans want to know that their IRA and Keogh accounts in banks, thrifts and credit unions are federally insured and protected against loss.”
Effective April 1, 2006, the interim final rule provides the following:
Increases share insurance limits to $250,000 for retirement accounts such as Traditional and Roth IRAs (Individual Retirement Accounts) and Keogh accounts;
Retains the $100,000 insurance limit for all other types of share accounts;
Requires NCUA and FDIC to jointly determine if an inflation-adjusted increase is appropriate for insured accounts beginning in 2010 and every five years thereafter;
Includes pass-through coverage on employee benefit plans while limiting acceptance of shares in employee benefit plans to insured credit unions that are well or adequately capitalized; and
Clarifies coverage for qualified tuition programs, commonly referred to as 529 plans, and share accounts denominated in foreign currencies.
"In addition to the increased coverage resulting from the recently passed law, this rule provides important new flexibility for those credit unions servicing their members' needs abroad, as well as those assisting members who are trying to help pay their children's college tuition," Board Member Gigi Hyland said.
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Generally, you must report as income any amount you receive for your disability through an accident or health insurance plan paid for by your employer.
If both you and your employer have paid the premiums for the plan, only the amount you receive for your disability that is due to your employer's payments is reported as income. If you pay the entire cost of a health or accident insurance plan, do not include any amounts you receive for your disability as income on your tax return. If you pay the premiums of a health or accident insurance plan through a cafeteria plan, and the amount of the premium was not included as taxable income to you; the premiums are considered paid by your employer, and the disability benefits are fully taxable.
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North Dakota and nationwide:
Mar 02, 2007 - COBRA Health Benefit Provisions The landmark COBRA health benefit provisions became law in 1986. The law amends the Employee Retirement Income Security Ac Read more >
Mar 02, 2007 - The Medigap Insurance Company When you have a Medigap policy, the insurance company must pay your doctor or provider directly when:
Mar 02, 2007 - Growth In U.S. Health Care Spending Slows Despite the slowdown, the share of household personal income spent on health care rose from 5.4 percent in 2001 to 6 perce Read more >
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general information related to insurance issues commonly encountered.
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