Small Business Protection Act
Act passed in 1996 that includes: an increase in the amount a nonworking spouse can contribute to an INDIVIDUAL RETIREMENT ACCOUNT (IRA) increased from $250 to $2000; creation of the SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES (SIMPLE PLANS); the stipulation that, for the person covered under a QUALIFIED PENSION PLAN who is age 10'A and has not retired, that person is not requiredto begin minimum distributions from that plan until April 1 of the year following the year in which he or she retires.
Popular Insurance Terms
The space created between the total death benefit and the cash value of a universal life insurance policy. An automatic increase in the death benefit results when the cash value approaches ...
Utilization of life insurance to make annual gifts into a trust in order to produce the largest tax-free death benefit possible to the trust beneficiaries. ...
Policy that pays a specified sum not related in any way to the extent of the loss. The term applies to a life insurance policy rather than to a contract of indemnity because the former does ...
Assembly of people formed only for obtaining group insurance. Such a group is uninsurable and violates underwriting principles concerning group insurance. ...
Subrogation clauses are used in both the real estate and insurance industries to follow lawful claims against a third party that damaged the property of the insured. If we encounter a ...
Specified limit on the dollar amount of coverage for a given loss. ...
Ratio commonly used by the property and casualty insurance industry as a measure of financial strength or to indicate to what degree a particular insurance company is leveraged. A low ratio ...
Provides the same coverage as a comprehensive personal liability insurance policy, plus coverage to exposures that are peculiar to farms, such as farm business operations, farm employees ...
Same as term Debit Insurance: life insurance on which a premium is collected on a weekly, bi-weekly, or monthly basis, usually at the home of a policyholder. The face value of the policy is ...
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