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How Much Can I Make Before I Have to Pay Income Taxes on

Married Filing Jointly in 2020: Assume that you're married and that you receive $20,000 in Social Security benefits and your spouse receives $18,000.Also assume that you and your spouse had additional income of $25,000 plus $1,000 in tax-exempt interest. In this case, half of your combined benefits – plus your other income – totals $45,000, an amount that exceeds the threshold of $44,000

Actived: Friday Jan 22, 2021

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What Are the Benefits of Insurance? | Pocketsense

Details: Life insurance is intended to benefit your dependents, loved ones or whomever else you name as your beneficiary when you die. There are many types of life insurance, with varying benefits, but the main benefit of a life insurance policy is that it will pay the face amount – the amount of the policy – to the beneficiary if you pass away while the policy is in force.

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Concept of Insurance | Pocketsense

Details: While the details of any insurance policy can be complex, it's relatively easy to explain the concept of insurance.The concept of insurance involves a transfer of risk from one party, such as an individual or company buying an insurance policy, to another, such as an insurance company. For example, if you purchase a homeowners insurance policy, you are transferring the risk that you will be

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How Does Insurance Work? | Pocketsense

Details: Insurance provides people and companies with protection against major financial losses due to damage or loss of property. In exchange for a periodic payment or premium, individuals and companies are guaranteed to be compensated or reimbursed under the terms of the insurance policy. Insurance is a part of daily life.

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The Importance of an Insurance Policy | Pocketsense

Details: Insurance is important because it protects you from loss. Different types of policies include those that cover costs for accidents, illness and property damage. Insurance companies pool risk of loss by insuring multiple people who pay premiums for coverage. This spreads the risk of loss among a large number of insured

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What Is Personal Insurance? | Pocketsense

Details: Insurance is a way of managing risk by sharing the monetary damages of catastrophic events among a large number of parties. Various types of entities can purchase insurance policies, including LLCs, corporations, professional associations, non-profit organizations and individuals.

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How to Explain Insurance to Kids | Pocketsense

Details: To explain how an insurance company works, give your child fake money -- such as from a board game -- and have your child divide the money into several piles. Explain that each pile of money belongs to a different insurance company. Then, have your child give one dollar to each insurance company. Explain that this money is the insurance premium.

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How to Check if a Car is Insured | Pocketsense

Details: The most up-to-date information on a car insurance policy will come from the insurance company, or the insurance agent who sold the insurance. Once you have the insurance company's name, increase your chances of finding out if a car is insured by providing as much information as possible.

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What is the Difference Between Hazard Insurance and

Details: Homeowner's insurance combines hazard insurance with liability coverage. This is the most common type of insurance purchased for homes. Many lenders will require liability coverage, and therefore a homeowner's insurance policy, in order to complete a real estate transaction.

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What Do "Co-Payment" and "Coinsurance" Mean? | Pocketsense

Details: After this, your insurance pays 80 percent of the bill for covered services and you pay the remaining 20 percent. Sample Scenario As an example, assume your health insurance is an 80/20 plan with a $1000 deductible and a $20 co-pay requirement for an office appointment.

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What Does '20% Coinsurance' Mean? | Pocketsense

Details: Most insurance plans, including car insurance, health insurance, dental insurance and vision insurance, have out-of-pocket costs. In addition to coinsurance, there may be a copay, which is a set cost for a specific type of health care service.

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What Is End of Life Insurance? | Pocketsense

Details: Most group insurance providers use standardized online forms for these end of life benefits, so that customers can simply log in and create their own wills and funeral designs. Benefits According to the Hartford Insurance Group, with end of life insurance, families save between $1,250 and $5,500 on funeral planning and as much as $700 in will

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Insurance Provider Definition | Pocketsense

Details: Insurance products that are provided by an insurance carrier typically include automobile policies, homeowners policies, life insurance policies and health insurance policies. Insurance carriers can also provide a variety of commercial policies depending on the needs of a particular consumer such as a business entity.

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Basic Insurance Knowledge | Pocketsense

Details: An insurance policy is a contract between an insurer (the insurance company or provider) and the insured, the purchaser, also known as the policyholder. Among the detailed information provided in an insurance policy are who (policyholders), what (auto, home, life) and how much insurance (coverage) is contracted.

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Public Vs. Private Health Insurance | Pocketsense

Details: Public health insurance is insurance that is subsidized or paid for entirely by public (government) funds. Private health insurance is paid for in part or entirely by the individuals being covered. Several different public options are available in each state, but strict eligibility requirements exist.

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Are You Covered With Auto Insurance as a Pedestrian

Details: For insurance purposes, your compensation would be based on the driver being at fault. Auto Liability Insurance. If as a pedestrian you get hit by a vehicle, you are likely to receive payment under the auto liability insurance policy of the driver or vehicle owner. Nearly all states will require drivers and vehicle owners to carry liability

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Is Home Insurance Mandatory? | Pocketsense

Details: Typically, this insurance requirement is expressed in a percentage of the value of the home. You may have to carry an insurance policy that is worth 100 percent of the mortgage balance. In some cases, the lender only requires you to carry a policy that covers 80 percent of the total value of the house.

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How Much Do Insurances Pay for Stolen Cars? | Pocketsense

Details: Auto insurance policies include theft in their comprehensive coverage. This is the same type of coverage that covers your car for vandalism, fire and weather damage. Comprehensive coverage is not a legal requirement, which means you must choose whether to purchase it.

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What Is Insurance Twisting? | Pocketsense

Details: Life insurance often presents opportunities for twisting. Suppose a person has a whole-life policy with an accrued cash value. An insurance agent tells this person that he can reduce his premiums by canceling that coverage and taking out a term policy -- but the agent doesn't mention that doing so may cause the client to forfeit the cash value or pay taxes on it, wiping out any savings from

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What Is Mutual Life Insurance? | Pocketsense

Details: Whole life insurance is a form of permanent insurance that provides strong guarantees. It lasts your entire life with a guaranteed premium cost and guaranteed death benefit. Other types of permanent insurance may also be in force your entire life but don't guarantee the premium or death benefit.

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Insurance Requirements for Financed Cars | Pocketsense

Details: Collision insurance pays for the costs of vehicle repair if you're in an accident. Comprehensive insurance pays for damage caused by other means such as vandalism, hail storms and natural disasters. You'll have to ask your lending institution about deductible limits required for your loan. While a higher deductible saves you money on insurance

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The Difference Between Supplementary & Secondary Insurance

Details: A secondary insurance policy pays the remainder of your health insurance claim after it has passed through your primary insurance provider. This secondary coverage is a standalone policy and could function effectively as your only health insurance policy if you only had one plan.

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Substitutes for Insurance | Pocketsense

Details: Insurance can help you avoid a financial crisis if you are injured, involved in a car accident or your property is damaged. But the costs of insurance can be high, and you're at the mercy of the insurance company when it comes to determining how much compensation you'll receive for your loss. Depending on your

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Escrow Insurance Vs. Homeowners Insurance | Pocketsense

Details: Escrow Insurance Vs. Homeowners Insurance. If you have bought a home, you probably used an escrow service to coordinate the various parties involved in the real estate transaction. If you paid your homeowners insurance through escrow, your mortgage lender or escrow representative may have referred to the insurance as

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What Is Primary Insurance? | Pocketsense

Details: Insurance coverage comes in countless varieties, with the numerous names and labels only adding to the confusion. One such term, primary insurance coverage, relates to most types of insurance and serves to indicate your core insurance protection.

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How Much Will My Insurance Pay If My Car Was Totaled

Details: Insurance companies rely on the prices of similar used cars on dealer lots, computerized data and expert opinion to arrive at a final estimate of fair market value. An insurer may use just one of these methods or a combination of them, weighted to arrive at an average. Unfortunately, the precise formulations and methodologies, such as where the

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How Do I Report an Insurance Company to the Insurance

Details: Most insurance commissions will supply a copy of the complaint to the insurance company. Writer Bio Kimberly Johnson is a freelance writer whose articles have appeared in various online publications including eHow, Suite101 and Examiner.

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Public vs. Private Health Insurance | Pocketsense

Details: Private health insurance, the dominant health care insurance in the United States, is a system in which customers pay premiums to guarantee that future health costs will be paid, either in part or in full. Public health insurance consists of a range of systems, from single-payer systems to simply a government option.

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Do Mortgage Loans Require Hurricane Insurance Coverage

Details: Windstorm insurance is a special policy sold in areas like Florida when homeowners insurance does not cover wind damage. Florida is a prime location for hurricanes and the high winds that accompany the storms.

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What Is Debit Insurance? | Pocketsense

Details: Debit insurance was created for families with low incomes. Agents often collect the premium by coming directly to clients' doors. Because the purpose of debit insurance is to make insurance available to low-income families, it comes at low cost and offers low levels of coverage.

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What Is the Purpose of Homeowner's Insurance? | Pocketsense

Details: Homeowner's Insurance protects your home and its contents in the event of damage or loss. Because purchasing a home is the biggest investment made by the vast majority of people, it makes sense to want it protected. If a home buyer is purchasing the house with a loan, the lender will require homeowner's insurance, The home serves as collateral

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Is Flood Insurance Mandatory in Florida? | Pocketsense

Details: The National Flood Insurance Program provides flood insurance to home and business owners, as well as renters, in participating U.S. communities. It makes available flood insurance policies to cover the building, its contents or both. In non-participating communities, individuals and businesses can purchase flood insurance from private insurers.

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The Advantages & Disadvantages of PPO Insurance | Pocketsense

Details: The most advantageous aspect of a PPO health insurance plan is the ability to visit non-network physicians or facilities. PPO plans will pay the bulk of treatment costs for services rendered by doctors, even if they are not contracted as participating providers with the insurance carrier.

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Definition of Personal Lines Insurance | Pocketsense

Details: There are multiple types of insurance, including personal and commercial. In the insurance industry, these are referred to as "lines." The personal lines insurance definition refers to any policy that insures an individual and his loved ones, including homeowners, renters, life and health insurance.

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How to Verify Auto Insurance | Pocketsense

Details: Fortunately, verifying auto insurance is an easy process. Gather information about the auto insurance that you want to verify. Specifically, get the name of the policyholder, their address and phone number, the name of the insurance provider, the policy number, and the expiration date of the policy.

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When to Stop Collision Insurance? | Pocketsense

Details: The insurance company will pay you only the fair market value of the car, and you could be on the hook for the rest if the loan's balance is higher than the value of the car. Cash Flow Considerations If you do drop collision coverage on your car, you need to be prepared to purchase a new car or repair your existing one if you are involved in an

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Can I Get a HELOC Without Home Insurance? | Pocketsense

Details: Insurance requirements for HELOCs work differently and are not based on the balance owed. Instead, you must obtain sufficient homeowners insurance to cover the HELOC line amount, rather than the balance you owe on the line. If you have a second lien HELOC, you must obtain enough insurance coverage to cover both the first mortgage and the HELOC

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What Is Comprehensive Medical Insurance? | Pocketsense

Details: A comprehensive health insurance policy often requires the person who's insured to pay a deductible or a co-payment, or both. After the person fulfills the deductible or co-pay obligation, the coverage extends to a certain percentage of the expenses.

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What Is an Insurance Broker Dealer? | Pocketsense

Details: What Is an Insurance Broker Dealer?. Purchasing common types of insurance, such as auto, life and homeowners' policies, usually involves working with either an agent or broker. Through your relationship with these individuals, you can provide for your family's financial protection with a variety of insurance

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How Does Burial Insurance Work? | Pocketsense

Details: Burial insurance covers your funeral expenses, such as mortuary expenses, a headstone, casket and a cemetery plot. It also covers other final expenses such as paying off debt, the cost of administering probate and medical bills. You buy the policy, pay the premiums, and the benefit is paid to your beneficiary when you die.

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Georgia Homeowner's Insurance Laws | Pocketsense

Details: Georgia Homeowner's Insurance Laws. According to the website HomeInsurance.com, as of November 2010, Georgia homeowners paid an average of $798 per property, per year, in homeowners insurance, or approximately $120 more than the national average. While its not required by Georgia law, homeowners insurance may be

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What Type of Insurance Do I Need for a Co-Op? | Pocketsense

Details: FEMA offers flood insurance for cooperative apartments under a general property policy form, rather than the dwelling policy form that covers single-family houses and condominiums. Under this policy, you can't insure or replace permanent fixtures in your co-op apartment such as appliances and flooring if flood damage occurs.

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What Is Composite Rating in Insurance? | Pocketsense

Details: Insurers are in the business of pricing risk. The premiums you pay are based on the insurer's assumption of your likelihood to make a claim. Whether you have a life insurance policy and the insurer is predicting the risk of you passing away, or it's estimating the chance your car will get stolen when pricing your auto policy, the general principle is the same.

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Third Party Liability Insurance Definition | Pocketsense

Details: Third party liability insurance is a coverage for damages, losses or injuries that may be inflicted upon another party as a result of the actions of the policy holder. It is referred to as third party liability insurance because the coverage deals with the well-being of parties other than you or your policy provider.

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Will My Car Insurance Cover Liability on a Rented Vehicle

Details: Most car insurance policies cover your liability when you rent a vehicle within the United States. However, covering liability isn't the same thing as covering the car. Depending on the type of insurance you carry, you might still need to either use credit card insurance, use your employer's insurance if

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Does Homeowners Insurance Cover Car Damage? | Pocketsense

Details: Does Homeowners Insurance Cover Car Damage?. A standard homeowners insurance policy will cover all damage expenses if an automobile, airplane or train crashes into your home, but your actual vehicle is not protected while inside your garage or parked in your driveway. For automobile coverage in the event of a natural

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How to Report Life Insurance to IRS | Pocketsense

Details: How to Report Life Insurance to IRS. In many cases, you don't have to report a life insurance payout to the Internal Revenue Service at all. If, say, your partner had a $200,000 life insurance policy and you receive $200,000 at her death, that money isn't taxable. However, if the premiums the policy holder

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The Best Life Insurance Policies | Pocketsense

Details: The benefits of having life insurance are numerous. Knowing that you have provided for your family is the best way to show them you love them. A sizable life insurance policy will also help your family pay any debts after you die. Your spouse, for instance, may be able to pay off the home rather than making a mortgage payment each month.

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What Is the Purpose of Property Insurance? | Pocketsense

Details: Property insurance is the part of an insurance plan designed to protect cars, homes, and businesses from financial loss due to theft, destruction, or damage. In order to purchase a property insurance policy, a person must either own the property outright or be listed on a loan as the buyer.

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What Is the Role of an Insurance Broker? | Pocketsense

Details: The primary responsibility of insurance brokers is to serve as a liaison between you and insurance companies. They identify insurance policies that fit your specific needs. Although some brokers sell insurance as a representative for one company, others may work independently and coordinate with several companies.

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