In order to be financially solvent, an insurer must accomplish all of the following, except:
A. Reinsure any risk in excess of state retention limits.
B. Possess enough assets to cover its liabilities.
C. Maintain an amount at least equal to its required minimum paid-in capital.
D. Contribute a specific amount of capital reserves to the state.
Ans: D. Contribute a specific amount of capital reserves to the state.
Business
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For Proposal 1, the initial outlay equals ________. (See Table 11.2)
A) $1,380,000 B) $1,440,000 C) $1,500,000 D) $1,620,000
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In 2015, John and Nicole earned a combined taxable income of $148,800 from employment plus $1,000 in long term capital gains and they file a joint tax return. What is their total federal income tax? Round to the nearest dollar
A) $37,150 B) $29,063 C) $29,593 D) $28,963
Business