...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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...O[{o0L66^> -SS (- ^¿/-(ji é HARVARD BUSINESS S C H O O L Xo\\3i*L ^ 9-201-082 REV: MARCH 4, 2002 The Loewen Group, Inc. (Abridged) In March 1999, John Lacey and the management team at the Loewen Group, Inc., had to decide what course of action to take in light of the company's imminent financial difñculties. On January 22,1999, Lacey, a renowned turnaround specialist, was appointed chairman of Loewen, the second largest death care company in North America. Headquartered in Burnaby, British Columbia, Loewen owned over 1,100 funeral homes and more than 400 cemeteries in the U.S. and Canadá; it also owned 32 funeral homes in the United Kingdom. The company had come a long way since its modest beginnings in Canadá, where Ray Loewen, the founder (and, until recently, chairman and CEO), started out helpinghis father run the family funeral business in the late 1950s. During the last two decades, Loewen Group had grown explosively, mainly by acquiring small independent funeral homes and cemeteries in densely populated urban markets; in recent years the company had also acquired several large established funeral chains. Over the last five years alone, Consolidated revenues had grown by nearly 30 percent a year, on average, from $303 million to over $1.1 billion. Despite its impressive growth, the company faced a major financial crisis. It lost $599 million for 1998, compared to earning $43 million the previous year. Loewen's on-going acquisitions...
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...-The income tax rate in effect in 1944-1945 ranged from 23% to 94%. * (T) As used in the income tax formula, gross income would not include the receipt of a loan the taxpayer obtained from a bank. -Borrowing money does not result in gross income. * (F) Under the income tax formula, a taxpayer must choose between deductions for AGI and the standard deduction. -The choice is between deductions from AGI and the standard deduction. * (T) An “above the line” deduction refers to a deduction for AGI. * (F) Because they appear on page 1 of Form 1040, itemized deductions are also referred to as “page 1 deductions.” -What is described are deductions for AGI. Itemized deductions are also known as deductions from AGI and appear on page 2 of Form 1040. * (T) Most exclusions from gross income are not reported on Form 1040. -Gifts and inheritances are two major exclusions not reported on Form 1040. * (F) Once TI (taxable income) is determined, the taxpayer must make a choice between itemizing or --claiming the standard deduction. -The choice must be made after determining AGI (not TI). * (F) The filing status of a taxpayer (e.g., single, head of household) need not be identified until after taxable income is determined. -The filing status is relevant in determining the amount of the standard deduction available. * (F) Kim, a resident of Korea, is a citizen of the U.S. Any income Kim receives from land he owns in Korea is not subject to the U.S. income tax. -Under the global...
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...organizational success. On the other hand development is the acquisition of knowledge, skills and behaviors that improve and employee's ability to meet changes in job requirements and in client and customer demands. In contrast, by T&D procedure it is meant the methodological steps through which human resources are skilled for doing job smoothly. The Padma Islami Life Insurance Co. Ltd. has established a Training and research Academy for their employees Training and Development. The components of the Training System are discussed below. 1.2 Objective of the Study Main Objective: The main objective of the study is to know the Training and Development Systems of Padma Islami Life Insurance Company Ltd. Specific Objective Specific Objectives are as follows: 1. To know about the training mechanism of Padma Islami Life Insurance Company Ltd. 2. To know about the Training and Development materials of Padma Islami Life Insurance Company Ltd. 3. To identify the problems of training and development system of Padma Islami Life Insurance Company Ltd. 4. To recommendations of solve this problem of Padma Islami Life Insurance Company Ltd. 1.3 Scope of the Research The scope of the research covers the following: • The research will only cover an analysis of the T&D policies and procedures practiced in Padma Islami...
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...JAMES W. CULLITON DAVID F. HAWKINS JACOB COHEN Superior Manufacturing Company New Management Do No Upon taking office in February 2005, Waters decided against immediate major changes. Rather, he chose to analyze 2004 operations and to wait to see results for the first half of 2005. He instructed the accounting department to provide detailed expenses and earnings statements by products and departments for 2004 (see Exhibit 2). In addition, he requested an explanation of the nature of the company’s costs including their expected future behavior (see Exhibit 3). Company and Industry The Superior Manufacturing Company made only three industrial products: 101, 102, and 103. They were sold by the company’s sales force for use in the processes of other manufacturers. All of the sales force, on a salary basis, sold the three products but in varying proportions. Superior sold ________________________________________________________________________________________________________________ Professor James W. Culliton prepared the original version of this case, HBS No. 156-004. This version was prepared by Professor David F. Hawkins and Jacob Cohen, Affiliate Professor of Accounting and Control at INSEAD. HBS cases are developed solely as the basis for class discussion. The company mentioned in the case is fictional. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Copyright © 2004 President...
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...extraction oriented hard edged, Turkic- Mongol conquest empires from the steppe. We must establish a very important point at the very onset of this discussion on Akbars mansabdari system. All mansaabdars were nobles while all nobles were not mansabdars. Akbar gave the mansabdaris to both civil and military officers on the basis of their merit or service to the state. To fix the grades of his officers he had been inspired by the structure followed by the way Chengiz Khan had organized his army. If we look at the evidence and see that the reign of one ruler is influenced by the structure that was present before him and the changes he makes as distinctive phases, we see that there are five successive phases when it comes to the history of the mansabdari system and its classical form and we can trace its origins to the Chingiz Khan. Before going on further there is a concept that we must first deal with. The Zat and the Sawar. Initially a single number represented the rank, personal pay and the number of soldiers that the official had to maintain and would get paid accordingly. He would also get paid for personal purposes and would also undertake other duties that came with the...
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...Wilman Martinez Income Tax 1 Dr. Nazik Roufaiel Module 1 Assignment Part 1 March 21, 2014 35. Serena operates a lawn maintenance service in Southern California. As most of her employees are itinerant, they are paid on a day-to-day basis. Because of cash-flow problems, Serena requires her customers to pay cash for the service she provides. a. What are some of the tax problems Serena might have? Serena might have problem keeping track of sales taxes and/or paying FICA and FUTA taxes. b. Asses Serena’s chances of audit by the IRS? Serena will have a great chance of getting audit by IRS because she Receives payment in cash and those transactions are easier to hide. (Hoffman & Smith 2014, p. 1-21) 42. On a federal income tax return filed five years ago, Andy inadvertently omitted a large amount of gross income. a. Andy seeks your advice as to whether the IRS is barred from assessing Additional income tax in the event he is audited. What is your advice? It will depend on how much money was omitted. The IRS is barred as long as the amount omitted was less than 25% of gross income and the tax return is not view as fraudulent. The IRS can only go back three years to access additional tax liability. On the other hand, if it is more than 25% the statue of limitation is increased to 6 years, then the IRS is not barred. (Hoffman & Smith 2014, p. 1-23) I would recommend Andy to fix the mistake....
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...January 5, 1861, in Missouri. He was best known for his work with the peanut, creating more than 200 new uses for the plant, including recipes, cosmetics, lubricants, etc. He also worked with soybeans and sweet potatoes, attempting to persuade Southern farmers to plant them over cotton, for the sake of the soil that had been ravaged by plants that only took a few nutrients and never returned them. At birth, he, a sister, and his mother were kidnapped by raiders from Arkansas, selling them in Kansas. Moses Carver hired a John Bentley to find them, and upon doing so, negotiated with the raiders for the infant George. Bentley was rewarded for his efforts. When slavery had been abolished, Moses and his wife decided to raise the young George as their own child, encouraging him to follow his intellectual pursuits, teaching him the basics of reading and writing. Carver tried applying to several colleges, before finally being accepted by Highland College in Highland, Kansas. They ultimately rejected him, though, due to revealing his race when he arrived. He was then accepted into Simpson College in Iowa, studying art and piano. When his teacher noticed his skill at painting plants and flowers, she encouraged him to study botany at the Iowa State Agricultural College, which he did. He was the first black student to attend. He went on to get his master’s degree in botany, then teaching at the school, being the first black teacher there. In 1896, Booker T. Washington invited Carver...
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...S O CIAL SEC U RIT Y | AN N U AL RE P O R T 2006- 2007 Chapter-6 SOCIAL SECURITY INTRODUCTION 6.1 The Social Security schemes in India cover only a small segment of the organized work force, which may be defined as workers who are having a direct regular employer-employee relationship within an organization. The social security legislation in India derives their strength and spirit from the Directive Principles of the State Policy as contained in the Constitution of India. These provide for mandatory social security benefits either solely at the cost of the employers or on the basis of joint contribution of the employers and the employees. While protective entitlements accrue to the employees, the responsibilities for compliance largely rest with the employers. SOCIAL SECURITY LAWS 6.2 The principal social security laws enacted in India are the following: • • The Employees’ State Insurance Act, 1948 The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 (Separate provident fund legislations exist for workers employed in Coal mines and tea plantations in the state of Assam and for seamen). The Workmen’s Compensation Act, 1923 The Maternity Benefit Act, 1961 The Payment of Gratuity Act, 1972 OF SOCIAL the Employees’ State Insurance Act, 1948 are administered by the Central Government through the Employees State Insurance Corporation (ESIC), whereas the State Governments and Union Territory Administrations are administering medical care under the Employees’...
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...Used to keep money and valuables of the people in temples. The origin of banking is also Traced to early goldsmiths. They used to keep strong safes for storing the money and Valuables of the people. The goldsmiths used to issue receipts for the money and other valuable assets deposited with them. These receipts could be used for settlement of Transactions because people had confidence in the integrity and solvency of goldsmiths. When it was found that these receipts were fully accepted in payment of debts; then the receipts were drawn in such a way that it entitled any holder to claim the specified amount of money from goldsmiths. A depositor who is to make the payments may now get the money in cash from goldsmiths or pay over the receipt to the creditor. These receipts were the earlier bank notes. The second stage in the development of banking thus was the issue of bank notes. BANKING IN PAKISTAN: I observed during my internship was that I came to known the historical background of Banking & Financial sector and its improvement and growth since the formation of Pakistan. At the time of partition there were only 631 bank branches in area which came under Pakistani control. But due to blood shed and violence at large scale, most of the branches were closed. At that time Bank of India was acting as cent al bank for both countries and same currency notes...
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...to deliver the thing arises b. From the perfection of the contract of sale c. From the delivery thereof d. From payment of the price 2. A buyer may sue the seller for breach of warranty against hidden defects of things a. Within 40 days from delivery of the thing sold b. Within 6 months from delivery of the thing sold c. Within 1 year from delivery of the things sold d. Within 4 years from discovery of the fraud 3. D is indebted to C in the amount of P200,000 and delivers to C his diamond ring by way of pledge. If D sells the same diamond ring to T, when will T acquire ownership of the same? a. From the time the sale is perfected between D and T b. From the time T pays the price to D c. From the time C consents to the sale between D and T d. From the time T obtains actual possession of the diamond ring 4. In a partnership, the partners share in the profits a. Equally b. According to capital contribution c. According to the contract d. Justly and equitably 5. This kind of agent merely makes the principal and the third person meet and when they arrive at an agreement or contract becomes entitled to compensation. a. Broker b. Commission agent c. Factor d. Attorney at law 6. The following are advantages of no-par value share of stock. Which is the exception? a. No-par value shares...
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...The Virginia Welfare System is a federally governed welfare system that was establishedd in the 1930s by the United States. This was during the period of the great depression where many Virginia individuals and families were adversely affected. These Virginia residents were affected financially, economicaly, and even mentally. The federal government of the responded by coming up with a welfare program whose objective was to assist those who were in debt. This mostly applied to those who had little or no income for groceries and gas. By comparing the cost of a single parent on assistance versus a single parent working part-time not on assistance, the welfare system benefits the non-worker. These debt relief programs are an essential idea because they assist in minimizing bankruptcy in Virginia. This has been the goal of Virginia residents because it acts as a guiding tool in ensuring that the levels of unemployment and poverty are always kept as low as possible. For example, a single parent who get gates state medical and food stamps receives US $ 4000 annually while a single parent working part- time and getting nothing from the state gets more than US $ 10,0000 annually (Shapiro, 2007). However, even though many Americans are in support of this program there are a few out there who are against it. This is because according to them, this welfare program has brought in the aspect of laziness and over dependency on their government with more than 20% of the population depending...
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..."Double taxation" refers to the fact that the corporation itself must pay taxes on its net profits, and the stockholders must also pay taxes on the portion of those same profits distributed to them as dividends.Answer T "Knocking on the doors" of businesses an entrepreneur would like to buy—although they are not advertised "for sale"—is a waste time. Answer F ____ percent of small businesses sell on credit.Seventy-seven ____ recognizes any improvement in quality may improve a company’s competitive ability.Return on quality _____ are those things that a business owns which have value.Assets _____ is simply the money owed the firm by customers because they’ve purchased goods or services on credit. Accounts receivable ______ gives owners the security of a sales contract but permits them to stay at the “helm” for several years.The two-step sale ______ is a small number of customers to give you feedback on specific issues in your business—quality, convenience, hours of operation, service, and so on.Focus Group ______ is not a primary goal of a competitive intelligence program: All these are primary goals of a competitive intelligence program ______ is the process of creating and delivering desired goods and services to customers, and involves all of the activities associated with winning and retaining loyal customers. Marketing ______ publishes Annual Statement Studies, showing ratios and other financial data for over 650 different industrial, retail, and wholesale...
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...respond to stockholder questions. A map showing the meeting location is included for your convenience on the back page of this booklet. We hope that you will be able to attend the meeting. However, whether or not you plan to attend the meeting, we encourage you to review our proxy materials and promptly cast your vote over the Internet or by telephone. Alternatively, if you request or receive a paper copy of the proxy materials by mail, you may vote by signing, dating and mailing the proxy card in the envelope provided. Voting in one of these ways will ensure that your shares are represented at the meeting. Thank you for your continued support of Fluor Corporation. I look forward to seeing you on May 2nd. Sincerely, 4MAR201114342169 David T. Seaton Chairman and Chief Executive Officer NOTICE OF ANNUAL MEETING OF STOCKHOLDERS To Be Held May 2, 2013 The annual meeting of stockholders of Fluor Corporation will be held at Fluor Corporation, 6700 Las Colinas Boulevard, Irving, Texas 75039, on Thursday, May 2, 2013, at 9:00 a.m. Central Daylight Time. At the meeting, our stockholders will consider and vote on the following matters: 1. The election of the nine Class I and Class II directors named in the proxy statement to serve until the 2014 annual meeting of stockholders and until their...
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...proprietor has unlimited personal liability for company debts and the company only lives as long as the propietor. Partnership: This can take the form of a limited partnership and a general partnership where liability and control is divided along these lines. A limited liability partnership or limited liability company is structured to where all partners have limited liability with respect to the business’s liabilities. This works well for the partners but is an area of concern for the partnerships lenders, customers and suppliers. Corporation: This is created as a separate legal entity under law and as such is “separate and distinct” from its owners and managers. The advantages are is has unlimited life and can continue after the death of the owners. It also has easy transferability of ownership interest through transfer and sale of shares of the company and limited liability. That is, the liability is limited by the funds invested. c. Companies can go public through use of an Initial Public Offering (IPO) where stock is sold to the public at large. The corporation can continue to grow after the offering by bank borrowing, issuing bonds/debt and or selling more shares of stock in the company. An Agency Problem is...
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