Individual Retirement Account Plus (ira Plus)
Proposal, endorsed by then-President Bush and Secretary of the Treasury Nicholas Brady, which expands in a significant manner the number of individuals who could take advantage of the effect of tax-deferred compounding of savings for retirement. The plan would be available to everyone since there are no income caps, to include employees who are covered under an employer's qualified pension plan. A spouse without an earned income could also establish such an account. Contributions to this account would be made with after-tax dollars. All principal would compound on a tax-free basis, so that no taxes would be due upon distribution. As the plan is currently designed, a participant could withdraw without penalty up to 25% of his or her account to purchase a first home, to meet catastrophic medical bills, or to pay for college expenses. Contrast with individual retirement account (IRA).
Popular Insurance Terms
Division of a sum of money between a deferred annuity and an immediate life annuity certain. ...
Coverage on an all risks basis for loss due to theft or mysterious disappearance of personal property; damage to premises and property within resulting from theft; and vandalism and ...
Confirmation by an insurance company of the acts of its agent, regardless of whether or not these acts were committed within the limit of authority granted the agent by the company. By so ...
Arrangement in health insurance to discourage multiple payment for the same claim under two or more policies. When two or more group health insurance plans cover the insured and dependents, ...
Earned premium minus incurred losses plus loss adjustment expense plus other incurred underwriting expenses plus policy owner dividends. This income is generated from the insurance business ...
Endorsement to a property insurance policy providing all risks coverage for insured property. Excluded properties include residences, farms, and manufacturing properties. This endorsement ...
Same as term Dynamic: changing state of the economy associated with changes in human wants and desires such that losses or gains occur. Dynamic changes are not insurable. ...
Social insurance that provides benefits to temporarily disabled workers in a few states. Five states require employers to pay cash benefits if workers are disabled. They are Rhode Island, ...
Inquiry conducted by a committee of the legislature of the State of New York in 1905 that looked at abuses of life insurance companies operating in the state. This study led to stricter ...
Have a question or comment?
We're here to help.