Answer: A 401(k) plan is the common name for the tax-qualified, defined-contribution pension account defined in subsection 401(k) of the Internal Revenue Taxation Code. Under the plan, retirement savings contributions are provided (and sometimes proportionately matched) by an employer, deducted from the employee's paycheck before taxation and limited to a maximum annual contribution of $17,500.

Question: What do we mean by liability and liability limits? Answer: Liability covers bodily injury and property damage to others wehn the accident or loss is due to the insured's negligence. Liability limits are per person, per occurrence for both bodily injury and property damage, and per property damage. For example $100,000/$300,000/$100,000

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