Section 403 (b) Plan
Definition of "Section 403 (b) plan"
Retirement plan offered by public employers and tax-exempt organizations. Under Section 403(b) of the Internal Revenue Code, certain tax-exempt organizations such as public school systems can make payments for retirement annuity policies for their employees and have the payments excluded from the employees' gross income for tax purposes, subject to certain limitations.
Popular Insurance Terms
Reduction in the amount that the insured receives from the insurer, after having incurred a property loss, because the insurer failed to carry the amount of coverage required by the ...
Addition to a life insurance policy stating that when an insured becomes disabled for at least six months, premiums due are waived. Depending on the rider, the insured may begin to receive ...
Rate applied to risks with similar characteristics or to a specified class of risk. ...
Individual retirement account established under the tax reform act of 1986, for a spouse who has unearned income. The maximum annual combined contribution into the worker's and spouse's IRA ...
Resident patient of a medical installation. Previously, health insurance benefits were limited to in-patient care. Today health insurance policies provide an extensive list of out-patient ...
Coverage for damage due to peril! of war, usually written as part of an ocean marine insurance policy. ...
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 ...
Bonds that are secured by mortgage securities classified as either interest only or principal only strips (separate trading of registered interest and principal of securities). Insurance ...
Fee charged to a policyowner when a life insurance policy or annuity is surrendered for its cash value. This fee reflects insurance company expenses incurred by placing the policy on its ...
Have a question or comment?
We're here to help.