Ambac has two preferred issues with the same ratings as its bonds: Ambac 5.95% of Feb. 28, 2103 (16, AKF) and Ambac 5.875% of Mar. 24, 2103 (16, AKT) .

FORBES: Magazine Article

Likewise, buying a health-insurance policy from a college generally isn't a qualified expense but a parent might have an argument if the college requires all students to have coverage as a condition of enrollment, says Andrea Feirstein, managing director at AKF Consulting Group, which advises states that administer 529s.

WSJ: What Counts as a Qualified 529-Plan Expense?