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BUSINESS
By Knight-Ridder News Service | December 12, 1993
Many holders of whole-life, or cash-value, life insurance policies are being rudely surprised.They're finding that the policy's cash value and dividends aren't growing as projected by the nifty computer simulations provided by sales agents. Whole-life insurance, like term insurance, provides a payment when the insured dies. But part of the premium is invested by the insurance company and slowly builds value that can be converted to cash that the policyholder can use.Standard industry practice has been to use current interest rates or insurers' past investment results to project how much a whole-life policy will be worth in future years or when the cash value will be big enough so that dividends would cover the annual premiums on the policy.
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BUSINESS
By Nayana Davis, The Baltimore Sun | April 24, 2014
One lucky lottery player made off pretty well in Severn for Wednesday night's drawing. A $1 million second-tier Powerball ticket was sold at Telegraph Liquors, at 7741 Telegraph Road, according to the Maryland Lottery and Gaming Control Agency. A $148,800,800 grand prize winning ticket was sold by the Florida Lottery, the Powerball website states. The current estimated jackpot is $40 million, with a cash value of $23.4 million.
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BUSINESS
By BLOOMBERG NEWS | July 7, 2002
WASHINGTON - The Internal Revenue Service plans to remove the tax benefit of a life insurance benefit used by corporations to pay their executives. In new regulations proposed last week, the agency says executives must pay annual income tax on the cash accumulated in universal and whole life insurance policies when their company pays the premiums, saying the payments amount to an interest-free loan. The IRS reversed a decision in February that suggested taxes were owed only on the cash value when a policy is terminated, tax and compensation experts say. An estimated 115,000 executives and employers will be affected by the rule, the agency said.
NEWS
The Baltimore Sun | November 22, 2012
The jackpot for the multistate Powerball lottery has grown to $325 million, after another drawing passed Wednesday night with no big winner. The next numbers will be drawn Saturday night. The jackpot prize has a cash value of about $212.8 million, and the odds of winning the big prize are one in 175,223,510. Maryland is one of 42 states, along with the District of Columbia and the U.S. Virgin Islands, where Powerball tickets are sold. The first big Powerball prize in the state was claimed last September by an Abingdon couple who won $108.8 million.
BUSINESS
By Nayana Davis, The Baltimore Sun | April 24, 2014
One lucky lottery player made off pretty well in Severn for Wednesday night's drawing. A $1 million second-tier Powerball ticket was sold at Telegraph Liquors, at 7741 Telegraph Road, according to the Maryland Lottery and Gaming Control Agency. A $148,800,800 grand prize winning ticket was sold by the Florida Lottery, the Powerball website states. The current estimated jackpot is $40 million, with a cash value of $23.4 million.
BUSINESS
By JANE BRYANT QUINN | September 10, 2000
Mary Howard, 61, a reader on the Atlantic Coast, tells me she couldn't believe her eyes. She was staring at a tax notice. She owed income taxes on $47,300 in mysterious gains, from a life-insurance policy she had allowed to lapse. It lapsed because she had borrowed too much against the policy's cash value. She never imagined that taxes might be due. You might be traveling the same road, if you borrow against your insurance and don't repay. About 87 million cash-value policies are in force today.
FEATURES
April 5, 1998
In two weeks, an expanded Travel section will debut. Among the new offerings will be Personal Journeys -- a page dedicated to readers' revelations about their travel experiences. Here's how you can participate.At least once a month, we'll ask readers for suggestions on a favorite destination. Our first question: Where is your favorite weekend getaway? And, why? Please answer in 50 words or less.In 500 words or less, tell us about a travel experience that changed you, about the nostalgia a certain place evokes, about the power of sitting on a favorite beach, in the mountains, at a city cafe.
NEWS
The Baltimore Sun | November 22, 2012
The jackpot for the multistate Powerball lottery has grown to $325 million, after another drawing passed Wednesday night with no big winner. The next numbers will be drawn Saturday night. The jackpot prize has a cash value of about $212.8 million, and the odds of winning the big prize are one in 175,223,510. Maryland is one of 42 states, along with the District of Columbia and the U.S. Virgin Islands, where Powerball tickets are sold. The first big Powerball prize in the state was claimed last September by an Abingdon couple who won $108.8 million.
BUSINESS
By JANE BRYANT QUINN | April 17, 1995
NEW YORK -- Here's a financial tragedy that you'll read ever more about, as the population ages.The story starts with young people, who buy cash-value life insurance for death protection and to build savings for their old age. When they get older, however, they're visited by a predator agent, who uses deceptive sales tactics to strip the cash out of the policy. You're left with no savings and eventually lose the policy, too.This tactic is called churning. You're especially vulnerable if you have a small cash-value policy that you've paid on for years.
BUSINESS
By JANE BRYANT QUINN | April 10, 1995
NEW YORK -- Do you have a small cash-value life insurance policy? Have you had it for many years, so it's mostly paid up? If so, you're a sitting duck for an especially contemptible form of deceptive selling, known as "churning." Two new churning scandals are currently under investigation, in California and Illinois; another erupted in Pennsylvania last year. If you become a victim, you could lose both the cash savings in your insurance policy and, eventually, the policy itself.Here's how churning works.
NEWS
By Andrea F. Siegel, The Baltimore Sun | November 18, 2012
The Powerball jackpot reached an estimated $250 million, after no winner emerged from Saturday night's drawing. The cash value is $166.8 million, according to the Multi-State Lottery Association. The game is played in 42 states, the District of Columbia and U.S. Virgin Islands. The most recent big winner in Maryland was a couple who bought the winning $128.8 million at a family-owned restaurant and liquor store in Cecil County last Christmas Eve. That was the second-largest winning ticket ever sold in the state, according to the lottery.
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | July 6, 2005
NeighborCare Inc. said yesterday that it was in talks to sell the company to Omnicare Inc. for $34.75 a share - the first time the two rivals have willingly negotiated since Omnicare launched a takeover bid more than a year ago. Analysts had been predicting that the two companies would talk and were likely to agree on a deal at a higher price than the $32 Omnicare had on the table in a hostile takeover bid. Yesterday's announcement marked the breaking of...
BUSINESS
By Julie Jason | February 15, 2004
Fourteen years ago, when he was 60, a reader from Stamford, Conn., bought a $100,000 universal life insurance policy designating his wife as sole beneficiary. Since then, he has been paying premiums of $356 per quarter. But a few weeks ago, the insurance company told the policyholder that the premium would more than triple, to $1,090 a quarter. He was shaken by the letter and uncertain of his options. The kind of policy he bought, universal life, was invented about 25 years ago as a lower-cost and more flexible alternative to whole life.
BUSINESS
By Stacey Hirsh and Stacey Hirsh,SUN STAFF | October 25, 2002
Corvis Corp., a Columbia fiber-optics company that has seen its stock price dwindle and work force shrink over the past year, reported yesterday that its loss widened and its revenue dropped by millions in the third quarter. The company also announced after the close of trading yesterday that it plans to buy back up to $25 million of its stock to help boost cash value per share. Corvis' shares, which are traded on the Nasdaq small-cap market, closed yesterday at 65.9 cents, up 8.9 cents.
BUSINESS
By BLOOMBERG NEWS | July 7, 2002
WASHINGTON - The Internal Revenue Service plans to remove the tax benefit of a life insurance benefit used by corporations to pay their executives. In new regulations proposed last week, the agency says executives must pay annual income tax on the cash accumulated in universal and whole life insurance policies when their company pays the premiums, saying the payments amount to an interest-free loan. The IRS reversed a decision in February that suggested taxes were owed only on the cash value when a policy is terminated, tax and compensation experts say. An estimated 115,000 executives and employers will be affected by the rule, the agency said.
BUSINESS
By JANE BRYANT QUINN | May 6, 2001
LONG-TERM insurance is growing ever more complex. As the population ages, larger numbers of people are purchasing coverage. Meanwhile, the industry hopes to reach younger, more affluent buyers by combining long-term care (LTC) with life insurance. A basic LTC policy covers the potentially catastrophic cost of a long-term stay in a nursing home. It pays for people with severe mental impairment, such as Alzheimer's disease, or those who can't handle two of their essential physical needs (typically, bathing, dressing, eating, continence and moving around)
BUSINESS
By Julie Jason | February 15, 2004
Fourteen years ago, when he was 60, a reader from Stamford, Conn., bought a $100,000 universal life insurance policy designating his wife as sole beneficiary. Since then, he has been paying premiums of $356 per quarter. But a few weeks ago, the insurance company told the policyholder that the premium would more than triple, to $1,090 a quarter. He was shaken by the letter and uncertain of his options. The kind of policy he bought, universal life, was invented about 25 years ago as a lower-cost and more flexible alternative to whole life.
BUSINESS
By Stacey Hirsh and Stacey Hirsh,SUN STAFF | October 25, 2002
Corvis Corp., a Columbia fiber-optics company that has seen its stock price dwindle and work force shrink over the past year, reported yesterday that its loss widened and its revenue dropped by millions in the third quarter. The company also announced after the close of trading yesterday that it plans to buy back up to $25 million of its stock to help boost cash value per share. Corvis' shares, which are traded on the Nasdaq small-cap market, closed yesterday at 65.9 cents, up 8.9 cents.
BUSINESS
By Neil Downing and Neil Downing,PROVIDENCE JOURNAL | October 1, 2000
My need is to find a MasterCard or Visa that allows all dollar charges to be applied to frequent-flier miles with no time limitation. I estimate spending about $10,000 yearly and, in three to five years, I'd accrue enough to take a trip by using these 30,000 points. "It's harder and harder to find the kind of card to fill your particular needs," said Nancy Ness Judy, spokeswoman for Myvesta.org, a nonprofit organization in Maryland that shows consumers how to get out of debt. Many airlines have the kind of card you're talking about.
BUSINESS
By JANE BRYANT QUINN | September 10, 2000
Mary Howard, 61, a reader on the Atlantic Coast, tells me she couldn't believe her eyes. She was staring at a tax notice. She owed income taxes on $47,300 in mysterious gains, from a life-insurance policy she had allowed to lapse. It lapsed because she had borrowed too much against the policy's cash value. She never imagined that taxes might be due. You might be traveling the same road, if you borrow against your insurance and don't repay. About 87 million cash-value policies are in force today.
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