Internal Revenue Code
Definition of "Internal revenue code"
Federal statute defining the federal tax code, covering such topics as credits against tax; business-related credits; computing credit for investment in certain depreciable property; computation of taxable income; definition of gross income, adjusted gross income, and taxable income; itemized deductions; pensions, profit-sharing, and stock bonus plans; taxation of estates and trusts; taxation of life insurance companies, capital gains and losses; and other areas.
Popular Insurance Terms
Plan under which an employee authorizes his or her employer to deduct from each paycheck premiums due on an insurance plan. ...
Means of distribution that uses general agents rather than branch offices to sell life and health insurance. ...
Property loss in which the insured peril is the proximate cause (an unbroken chain of events) of the damage or destruction. Most basic property insurance policies (such as the standard fire ...
Combination of two basic plans: accumulating units of paid-up permanent life insurance, and decreasing units of group term life insurance. The premium paid each month consists of the (a) ...
Account established and administered by a state agency to finance a mandatory state insurance program for job-related injuries or to finance a non-job-related injuries insurance program on ...
Clause in the Standard Fire Policy and many other property insurance policies that excepts coverage for losses caused by riot or civil commotion. Coverage for riot and civil commotion can ...
Coverage in the event of a marine loss. Marine loss is damage or destruction of a ship's hull and the ship's cargo (freight) as the result of the occurrence of an insured peril. Perils ...
Coverage issued to a creditor on the lives of debtors for outstanding loans. If a debtor dies before repayment, the policy pays the remainder of the loan to the creditor. The contract ...
Method of integrating an employee's Social Security or other retirement benefits with a qualified retirement plan. Some employers offset (reduce) retirement or disability income benefits ...
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