Inheriting life insurance can bring tax and other consequences, however, and it occasionally happens that the company refuses to pay out at all. How to Collect a Life Insurance Inheritance You can collect policy death benefits by sending the original death certificate and the original life insurance policy to the insurer if you’re named as the beneficiary. More commonly, the insurer will provide you with a claim form upon notification of the decedent’s death....

Deceased Person Is Survived by a Spouse and/or Descendants Here is what will happen if the deceased person is survived by a spouse and/or descendants (children, grandchildren, great-grandchildren, etc.): Survived by a spouse and descendants, all of whom are descendants of the spouse - In this case, the surviving spouse will inherit 100% of the deceased spouse’s probate estate. Survived by a spouse and one child or descendants of the child who are not the descendants of the surviving spouse - In this case, since the deceased person’s descendants are not the descendants of the surviving spouse (in other words, the deceased person had a child from a prior marriage or relationship), the surviving spouse will inherit the first $20,000 of the deceased spouse’s probate estate plus one-half of the balance and the descendants will inherit the remainder, per stirpes....

The best way to answer this question is to be honest. Preparing in advance helps: You will want to let the interviewer know you were busy and active, regardless of whether you were out of work by choice, or otherwise. What the Interviewer Wants to Know For one, interviewers and hiring managers genuinely want to know how you used that time. Your answer, whether it’s saying you raised a child or looked for employment while taking classes, gives a window into your current situation....

What Does Home Insurance Cover? The most common type of home insurance policy is “Homeowners 3” (HO-3). Most homeowners policies are written on standardized forms that are used across the industry, which makes it easier to regulate. HO-3 is also known as Special Form. Here’s what’s included in a standard HO-3 policy. House Structure If you need to repair or rebuild your home, your homeowners insurance company will pay for everything—less your deductible—if the damage was caused by fire, hurricane, hail, lightning, theft, vandalism, sudden broken plumbing, and any other peril not specifically excluded in your policy....

As of June 2021, the stock exchange is one of the largest in Europe with 1,900 issues. These issues represent €6 trillion market funding. It also has about 350 trading members and over 6,000 global investors. History of the Euronext The Euronext was founded in 2000 as a blend between the Amsterdam Stock Exchange, Brussels Stock Exchange, and Paris Bourse. After the European Union was formed, the stock exchanges opted to combine....

You must have little or no money left over after paying essential living expenses each month, such as rent, utilities, and groceries, to qualify for this relief. For example, if your income isn’t high enough to pay for food, rent, and the electric bill—and you can prove it—the IRS may decide you’re eligible for CNC status. How Currently Not Collectible Works Currently-not-collectible status can provide time to get back on your feet and figure out a way to pay off the IRS without the immediate threat of collections activity....

Definition and Examples of a Chip Card When you use a chip card to make a payment, the smart chip electronically transmits an encrypted, single-use code to a merchant’s card reader, allowing the merchant to securely process your payment. Chip cards can be found all over the world. But they weren’t very common in the United States until 2015 after the world’s largest card networks began pressuring U.S. retailers to replace their payment terminals with readers that accepted chips....

Dr. Ludwig von Mises, renowned for his work on business cycles, coined this term as part of his Austrian business cycle theory (ABCT). Von Mises used historical references, such as the hyperinflation in Austria and Germany in the 1920s, to support his theory. Instead, with inflation, a population turns to tangible goods that they expect to increase in value. Essentially, it is when hyperinflation and increasing money supply destroys a monetary system....

fizkes / Getty Images Definition and Examples of Fidelity Bonds A fidelity bond is a type of insurance that protects someone from losses caused by someone else. It’s like a guarantee that someone will do what they said they would do. Fidelity bonds insure against theft, forgery, fraud, larceny, or embezzlement. They don’t insure against poor work, injuries, or accidents. Fidelity bonds usually involve three parties: The person buying the bondThe person or entity that provides the bond (the insurance company)The person whose work is being insured...

The money borrowed can be hundreds of thousands of dollars, and as part of the loan agreement, you will agree that the house will serve as collateral for the loan. If you stop making payments, the lender can foreclose on the property—that is, repossess it, evict you, and sell the property in order to recover the funds they lent you that you cannot repay. To secure this right, the lender places a lien on your property, which is the lender’s legal claim to your property in the event you fail to meet the obligations of the mortgage....

However, not all loans have a fully amortizing payment structure. It’s crucial to understand what that is and how your finances could be impacted if your loan payments are not fully amortized. Definition and Example of a Fully Amortizing Payment Anytime you take out a loan, you’ll want to know if your repayment schedule is based on a fully amortizing payment plan. The term “amortization” means making equally scheduled payments over a set period of time so that each payment decreases the overall balance of the loan....

Alternate name: Revocable trust If you want to start passing money on to your children, but you do not want them to assume the tax burden or make decisions regarding the trust, you could put the money in a grantor trust. Even though the assets will eventually go to your children, you’ll still retain control over the trust as long as you have the mental capacity to do so. How Does a Grantor Trust Work?...

A guarantor will apply along with the primary borrower. The lender will consider the guarantor’s financial credentials as well. The guarantor will agree to share legal responsibility for repayment. Because the lender can collect from the guarantor, the loan is less risky for the lender and loan approval is more likely. In some cases, guarantors are held responsible for repayment only if the lender has tried everything possible to collect payment from the primary borrower....

Alternate definition: In some cases, the U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone with at least $750,000 under management by a financial advisor, or someone with a net worth of more than $1.5 million. Acronym: HNWI For example, if you owned $1 million worth of Apple stocks or bonds, you would likely be considered a high-net-worth individual. On the other hand, say you own no stocks or bonds but have $5 million of equity in real estate....

If you’re buying a newly constructed home, the builder may provide a warranty with the purchase. But home warranties aren’t just for new construction—you can buy one for a non-new home, too, as long as all systems are currently working. Like a warranty that comes with an automobile or appliance, home warranties are issued in writing and specify the terms of coverage and how to file claims. Coverage Terms The terms of a home warranty define the coverage period, the home elements that are covered, and any exclusions....

Meta (formerly Facebook) is an example of a parent company through acquisition because it owns companies such as Instagram and WhatsApp. Meta acquired Instagram in 2012 and Whatsapp in 2014. A well-known spinoff occurred in 2015 when eBay created a separate publicly traded company called PayPal. In that instance, eBay Inc. stockholders received one share of PayPal common stock for each share of eBay Inc. common stock held on the record date for the distribution of PayPal shares....

Paying off your balances early will net you a higher Paydex score. Paying them off on time will give you a Paydex score of 80. Pay late, and your score will drop—the later your payments, the more your score drops. Note that your business won’t immediately receive a Paydex score. You’ll need to register for a Data Universal Numbering System (D-U-N-S) number first. Once you do this, you’ll need to have at least three interactions from at least two suppliers reported to Dun and Bradstreet before the firm can generate your score....

Auto insurance policies have different coverages that apply to different situations. All policies must have a form of liability insurance that includes property damage. If your property is damaged by another driver, their policy will cover it. Claims related to auto accidents come in many shapes and sizes. Each state has its own laws governing claims. If your car is hit by someone else’s car while parked, for instance, then you can file a property damage claim....

How an RIA Works Each RIA is represented by people who have met the licensing or examination rules enforced by the regulatory body overseeing the firm, such as passing the Series 65 or the Series 66 and the Series 7 exams. These requirements can sometimes be waived when the person has an advanced professional certification, such as Chartered Financial Analyst, or CFA. If it’s a company, an RIA is often a limited liability company, limited partnership, or other business entity that has registered with the Securities and Exchange Commission if it has $25 million or more of assets under management or provides advice to investment company clients....

The purpose of tax deeds is to allow local tax agencies to recover unpaid property taxes. These taxes are used to fund government programs, such as road improvements, school construction, or the expansion of law enforcement and emergency services. When a tax deed is issued by a tax collection agency, it can be sold at auction to the highest bidder. For example, say you have unpaid property taxes of $6,000 for the year, but because of a job loss you have no funds to pay for it....