Definition of "Tax lien"
Claim against property for payment of taxes. Life insurance proceeds and annuity benefits are protected against certain creditors of the insured, but the federal government is not one of them. Thus life insurance and annuity benefits can be held liable if the federal government has a tax lien against the insured.
Popular Insurance Terms
Legal decision wherein proceeds of a life insurance policy on which the decedent's corporation paid the premiums within three years of his or her death are not includable in the decedent's ...
Act that provides retroactive liability for environmental claims by mandating that those who polluted the environment must pay to clean up the pollution, regardless of how long ago their ...
Difference between the earned premiums and the losses and expenses of an insurance company. ...
Fund from which losses are paid for the insolvent members of Lloyd's of London. Each year, members of Lloyd's of London contribute a percentage of their premium volume to this fund to act ...
Same as term Five Percentage Rule: coinsurance requirement such that if a loss is less than $10,000 and also less than 5% of the total of insurance to cover a loss, then the insurance ...
Coverage under which initial premiums are less than normal for the first few years, then gradually increase for the next several years until they become level for the duration of the policy. ...
Coverage for sample merchandise while in the custody of a salesperson. ...
Coverage in property insurance for an employee's lost income if a peril such as fire damages or destroys the place of employment, causing the worker to become unemployed. For example, a ...
Trust that qualifies assets under the marital deduction provision in the Federal Tax Code for favorable treatment of an estate. The surviving spouse has the full power to use the assets of ...
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