Registered Retirement Savings Plan (rrsp)
Canadian retirement plan much like U.S. individual retirement account (IRA). Here, an employee can contribute on a tax deductible basis C $3500 each year as a member of an employer pension plan. A non-member employee can contribute C $5500 tax deductible. Earnings under this plan accumulate tax-deferred. RRSPs are issued by life insurance companies and trust companies.
Popular Insurance Terms
Plan in which funds are withdrawn or income begins before the plan participant reaches age 59/2. An extra 10% early distribution tax on the taxable amount may have to be paid unless any one ...
Value or property given by an individual to a trustee who holds and administers it for the benefit of the donee (recipient of the gift). For example, a father entrusts a life insurance ...
State law that limits the admitted value of an insurance company's EDP equipment to 3% of the company's ADJUSTED SURPLUS. ...
Coverage provided on an all risks basis for an exhibitor whose product, while being displayed at a public exhibition, is damaged or destroyed by a peril that is not specifically excluded in ...
Law under which one state gives favorable tax treatment to an insurance company domiciled in a different state that is admitted to do business, provided the second state does the same for ...
Trust whereby asset management is provided until a child reaches the age of majority. Upon reaching majority, the child has full use and control over the assets. The grantor of the trust ...
Health insurance that provides income payments to the insured wage earner when income is interrupted or terminated because of illness, sickness, or accident. Definitions under this ...
Value or cost of the actual net protection, in life insurance, in any year (face amount less reserve) according to the yearly renewal term rate used by an insurance company. ...
Clause common to life and health insurance policies issued during wartime that exclude benefits for military service-connected perils of death, disability, illness, accident, or sickness. ...
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