Section 101 (a) (1) Of The Internal Revenue Code
Section of the code that qualifies that the death benefit paid under a life insurance policy is received by the beneficiary income-tax free. These tax consequences apply regardless of the size of the cash value of the policy, total premiums paid, who the policy owner may be, who the insured may be, who the premium payor may be, or who the beneficiary may be.
Popular Insurance Terms
Federal law requiring that all pension plan trustees and anyone else who handles pension funds must obtain a fidelity bond. This bond covers the plan in the event of embezzlement and theft. ...
Mortality table used to calculate the legal reserve and life insurance policy cash surrender values. ...
Arrangement by which the insured agrees to incur a given degree of variability in the ultimate total costs associated with financing its losses. ...
Retirement income benefit of a survivor (or survivors) of an insured individual, according to a particular formula. For example, if a retired male worker dies, all or a portion of his ...
Coverage of an employee group whose members receive a monthly disability income benefit, subject to a maximum amount, if illness or accident prevents a member from performing the normal ...
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Financial instrument such as a fixed dollar annuity or bond that pays a minimum periodic income at a minimum guaranteed rate of interest. ...
Legal document that permits the individual to declare his or her desires concerning the use of life-sustaining treatment to be made at the point in time when death is imminent and the ...
Retirement arrangement in which contributions are divided between allocated (insured) and unallocated funding instruments (an uninsured plan). It seeks to combine the advantages of ...
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