Minimum Deposit Whole Life Insurance
Ordinary life insurance that generates a first year cash value from the payment of the first year premium. Using this cash value, loans could be made to finance premiums due in the future, with the interest deductible for tax purposes under specified IRS rules. However, the 1986 Tax Code revision appears to have canceled this arrangement.
Popular Insurance Terms
Condition that results from injury or disease that is not job related. Workers compensation applies to employees disabled by on-the-job injuries or disease. In addition, five states require ...
Provision in a life insurance policy that death benefits will not be paid in the event an insured dies from war-related causes; or in lieu of a death benefit there is a return of premiums ...
Representative of a single insurer or fleet of insurers who is obliged to submit business only to that company, or at the very minimum, give that company first refusal rights on a sale. In ...
Entitlement to pension benefits without a reduction, even though an employee is no longer in the service of an employer at retirement. For example, under the ten year vesting rule, an ...
Same as term Arbitration Clause: rovision in a property insurance policy to the effect that in the event the insured and insurer cannot agree on the amount of a claim settlement, each ...
Designation earned by passing 10 national examinations on subjects including mathematics of life and health insurance, actuarial science, insurance, accounting, finance, and employee ...
A procedure in which the employer has absolute liability for the injuries incurred by the employee and the employee does not have the right to sue the employer for those injuries suffered. ...
Statistical projection of future deaths. ...
Assistance program for the financially needy. Medicaid, also referred to as Title XIX of the Social Security Act, was enacted in 1965 at the same time as medicare. It is a joint ...
Comments for Minimum Deposit Whole Life Insurance
policy cancel in 2017 after having it 36years .now being hit with 95,000of ordinary income yet never got a daime in cash out .are there any option on how it will be taxed
Aug 10, 2018 15:01:47Hey Darnell,
Aug 13, 2018 15:11:15First of all, we're sorry to hear.
Probably. But because of the sensitive matter, we highly recommend you contact an accountant or a real estate lawyer to help you understand all your options. Good luck!
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