Inheritance Tax
Definition of "Inheritance tax"
Tax on the right to acquire assets that are transferred to a beneficiary at the death of the owner of those assets.
Popular Insurance Terms
Non qualified plan of deferred compensation whose goal is to compensate key employees without having to provide similar benefits to rank and file employees. The trust is irrevocable, and ...
Insurance company's reinsurance commissions and expense allowances divided by its adjusted surplus account. The smaller this ratio, the more financially sound the insurance company, since ...
Association of independent agents whose objective is to further the interests of these agents through education, lobbying, and professional ethics. ...
Phrase in most liability insurance policies that eliminates from coverage damage or destruction to property under the care, custody, and control of an insured. Such coverage is excluded ...
Reinsurance broker for a primary company (the re-insured). This broker is paid commissions by the reinsurance company, just as an agent is paid commissions by an insurance company for ...
Coverage for direct or indirect property loss that can be analyzed under the following headings: Peril a particular peril may be included or excluded. For example, the Standard Fire Policy ...
Transfer of highly individualized loss exposures that is not based on the usual pooling principles of insurance such as risk identification and classification selection. Rather than setting ...
Coverage underwritten on members of a natural group, such as employees of a particular business, union, association, or employer group. Each employee is entitled to benefits for hospital ...
Group of women life insurance agents who sell sufficient insurance to qualify for membership. The round table is sponsored by the NATIONAL ASSOCIATION OF LIFE UNDERWRITERS (NALU). ...
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