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What's Happening
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Still Growing Strong
by Brien P. Tilley
Clearly, 2004 was a challenging year for some insurance and reinsurance companies. Some firms left the market entirely, and the competitiveness of some companies’ portfolios suffered under market demands. Nevertheless, ABS is in a position to have a record-setting year in 2005! Our portfolio has matured significantly over the past several years and we have allied ourselves with such a diverse group of strong companies that the stability of our business is assured even if a given carrier suffers.
[FULL STORY]
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Who Should Own a Survivorship Policy?
by Columbus Life
When both insureds of a survivorship policy die, the death benefit passes to the beneficiaries income tax-free. However, it is not estate tax-free. If the insureds retain any incidence of ownership, the policy is included in their estate for estate tax purposes.
Although legislation has been passed to repeal estate taxes, the repeal is not effective until 2010, and then, a sunset provision in the tax law reinstates the tax in 2011. If the insureds own the policy, the death benefit can be included in their estate. And with estate tax rates continuing as high as 45% through 2009 and returning to 55% in 2011, the results can be devastating.
[FULL STORY]
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Prostate Cancer
by Prudential Financial
The prostate is a walnut sized gland that surrounds the urethra at the base of the bladder. Risk of concern increases with a family history and advancing age. Most prostate tumors are adenocarcinomas. Another form of tumors seen in the prostate gland is sarcoma, which has a worse prognosis. Prostate cancer is the most common cancer in men. In terms of cancer deaths in men, prostate cancer ranks second (lung cancer being first.) About ¾ of men in their 80s have cancer at biopsy. Currently available screening tests are prostate specific antigen (PSA) and digital rectal exam (DRE). PSA is a tumor marker specific to the prostate. The “normal” range varies with age. However, these ranges have been questioned and may miss a large proportion of cancers.
[FULL STORY]
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