Here’s what you should know about contesting a life insurance beneficiary, including what it means, why it happens, and how to avoid it. What Is a Life Insurance Beneficiary? A life insurance beneficiary is a party explicitly named as the intended recipient of the policy’s death benefit (the amount payable to the beneficiary(ies) when a policyholder passes away). You’ll choose your beneficiaries when you first purchase a policy; people often designate their spouse or adult children....

Read below for advice about how to lay out your letter, as well as a template for a cover letter. Cover Letter Layout Tips When laying out a cover letter, you want to follow the layout of a typical business letter. Heading. A business letter begins with your contact information, and then the employer’s contact information, if it’s available. Letter spacing. It’s important to properly space the layout of the cover letters you send, with space between the heading, the greeting, each paragraph, the closing, and your signature....

But simply getting a referral isn’t enough. The best way to do that is to mention it in your cover letter. It’s the ideal place to share your referral’s name and the context you know them in. Tips for Cover Letters That Get the Hiring Manager’s Attention Be professional. Your cover letter should be written as a formal business letter, whether it’s sent as an attachment, via mail, or email....

Learn what credit mix is, how it impacts your score, and how to improve your mix of credit accounts. What Is Credit Mix? As the name implies, credit mix represents the types of credit accounts you have in your credit report. It’s also one of the main factors that go into your credit score. You establish your credit mix by applying for and maintaining various types of credit accounts, from revolving accounts like credit cards to installment accounts such as mortgages and other loans....

In 2010, Brazil’s Finance Minister Guido Mantega coined the phrase “currency war.” He was describing the competition between China, Japan, and the United States where each seemed to want the lowest currency value. His country’s currency was suffering from a record-high monetary value, which was hurting its economic growth. Purpose Countries engage in currency wars to gain a comparative advantage in international trade. When they devalue their currencies, they make their exports less expensive in foreign markets....

When the Centers for Disease Control last extended the moratorium from its previous expiration date at the end of June, the White House said that was the “final” time. Biden said Thursday, however, with just two days to go until the moratorium ends, that he would support another extension because the surge in COVID-19 cases could affect tenants who would likely face eviction if the ban were lifted. But extending the ban is up to Congress, because the Supreme Court ruled in June that only lawmakers, not the Biden administration, could do so, Biden said in a statement....

Treasury Secretary Janet Yellen said banks and other financial institutions would have to report additional information to the IRS on accounts with annual inflows and outflows totaling at least $10,000, instead of $600 as in the original plan. The new proposal exempts wage and salary earners, whose income is already reported to the IRS, and federal program beneficiaries, such as those receiving Social Security payments. Banks would have to report the total amount of funds deposited into the account and the total amount withdrawn over the course of a year for accounts above the $10,000 threshold whose owners are not exempt....

The general rule is that you can write off your daily operating business purchases, such as office supplies or mileage on your business vehicle, as expenses. This involves subtracting them from your gross, overall income so you pay taxes on less income in that year. Purchases of long-term business assets, such as factories and equipment, are claimed as depreciation. This involves subtracting a percentage of their cost per tax return over a period of years....

Make sure you know the work schedule for any job before accepting a position. This will help you avoid any surprises when you start work. Check the Work Schedule Before Accepting a Job The type of schedule required for a job is typically included in the job posting or explained during a job interview. However, if you’re not clear about the hours, check with the employer prior to accepting a job offer....

“Retirees may consider carrying life insurance if it’s important to them to leave a financial legacy, or if they need an asset whose value is not tied to the stock market, which they can pull from during times of market downturns,” says Stephanie McCullough, financial planner and CEO of Sofia Financial. If you’re thinking about getting or keeping life insurance after you retire, ask yourself these questions to help you decide....

But that’s only one important thing your will should address. If you have minor children, they can’t own property. You’ll have to appoint someone to take care of their inheritances for them, not to mention naming someone to care for them when you can no longer do so. The laws governing how to make a valid will can vary from state to state. This—and any number of special circumstances—can make writing your own will a real challenge, even with the help of computer software and online programs....

The CBO also compared that to the number of jobs created by other government programs. It included spending on infrastructure, increasing unemployment benefits, and aid to the states. The report found that extending unemployment benefits is more cost effective than any tax cut. Income Tax Cuts Income tax cuts stimulate demand by putting more money into consumers’ pockets. That’s important because consumer spending drives 68% of economic growth. It creates jobs when businesses ramp up production to meet the higher demand....

Before seeking out a home equity loan, consider what’s involved and why your bank can choose whether or not to remove your PMI. Also, carefully think about the factors that can make a home equity loan a good decision—or could negatively impact your financial health. Here’s a rundown of the good, bad, and ugly of PMI and home equity loans. How Private Mortgage Insurance Is Canceled Lenders typically require you to carry private mortgage insurance (or PMI) if you put down less than 20% for your home down payment....

Jim Craigmyle / Getty Images Hit-and-run laws vary, but all states require drivers involved in traffic accidents to remain at the scene and follow the procedures mandated by law. Motorists who flee the scene of an accident can be charged with a hit-and-run offense, typically punishable by a fine, a prison term, or both. Victims of hit-and-run drivers can face car-repair bills and medical expenses. If they don’t have the right types of auto insurance coverages, they could be left with costly out-of-pocket expenses....

ajkkafe / Getty Images Having a last will and testament can make sure things are divided according to the deceased’s wishes. But if there isn’t a will, here are some key intestacy succession provisions you need to know about the probate code in California. Survived by Spouse, Descendants, Parents, Siblings If the deceased person is survived by a spouse, descendants, siblings, or parents, California intestacy laws dictate the following:...

Reasons for Having an Emergency Fund Although it may seem like a sacrifice, setting aside money in an emergency fund can provide you with true peace of mind and help you move more gracefully through otherwise stressful situations. It allows you to focus on taking care of the problem at hand without the additional worry about finances during a crisis. The sooner you start on your emergency fund, the sooner you can take advantage of these benefits....

Taking on new debt is a decision to think through carefully. Here’s what you need to know about parent PLUS loans to decide whether they’re an affordable way to meet your college funding needs. What Is a Parent PLUS Loan? A parent PLUS loan is a federal direct student loan that’s offered to parents of dependent undergrads who are enrolled at least half-time. It offers flexible borrowing limits that let parents borrow up to their student’s full cost of attendance, minus any other financial aid they receive....

Bernanke created many innovative Fed tools to prevent a global depression in the early stages of the banking crisis. He led the Fed in taking on new roles, such as bailing out Bear Stearns and insurance giant American International Group Inc. The Fed loaned $540 billion to money market funds to stop a global panic. Bernanke also led the push to expand open market operations when lowering interest rates alone wasn’t enough to end the 2008 financial crisis....

Survey results collected this spring and released Tuesday by student lender Sallie Mae and research firm Ipsos show the percentage of parents and students who said they completed the Free Application for Federal Student Aid, known as the FAFSA, for the 2020-21 academic year hasn’t been lower in the 14 years the survey has been done. It’s smaller than the 71% in 2019-20 and the 77% in 2018-19. Sallie Mae said the reasons behind the downward trend in FAFSA applications need to be explored so that qualified students don’t miss out on aid....

Keeping Track of Inventory Businesses with products to sell have inventory, the products your business sells, and the parts, materials, and supplies that go into the products. Inventory and Cost of Goods Sold You must keep inventory so you can calculate the cost of the products you sell during the year. This calculation is called cost of goods sold (COGS). COGS is calculated as: Inventory at the beginning of the yearPlus the cost of purchases to increase inventoryPlus the cost of labor, materials, and supplies, and other costsLess inventory at the end of the year....