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TriTech Services Insurance Tax

  • Tax Glossary



    TriTech Services, Inc. - Tax Glossary
     
           

     

    Face amount:

    The amount stated on the face of a life insurance policy that will be paid upon death or policy maturity. The amount excludes dividend additions or additional amounts payable under accidental death or other special provisions.

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    Family policy:

    A life insurance policy providing insurance on all or several family members in one contract. It generally provides whole life insurance on the principal breadwinner and small amounts of term insurance on the spouse and children, including those born after the policy is issued.

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    Fiduciary:

    A person or organization authorized to control or manage pension assets to administer a pension plan. Fiduciaries are legally obligated to discharge their duties solely in the interest of plan participants and beneficiaries, and are accountable for any actions that may be construed by courts as breaching that trust.

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    File-and-Use Rating Laws:

    State-based laws which permit insurers to adopt new rates without the prior approval of the insurance department. Usually insurers submit their new rates with supporting statistical data.

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    Financing Entity:

    Provides money for purchases.

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    Fixed annuity:

    A deferred annuity contract in which the life insurance company credits a fixed rate of return on premiums paid or an immediate annuity in which the periodic amount is fixed.

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    Flexible premium policy or annuity:

    A life insurance policy or annuity contract that allows the amount and frequency of premium payments to be varied.

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    Floater:

    A separate policy available to cover the value of goods beyond the coverage of a standard renter's insurance policy including movable property such as jewelry or sports equipment.

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    Fraternal life insurance:

    Life insurance provided by fraternal orders or societies to their members.

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    Fraud:

    Intentional lying or concealment by policyholders to obtain payment of an insurance claim that would otherwise not be paid, or lying or misrepresentation by the insurance company managers, employees, agents, and brokers for financial gain.

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    Future Purchase Option:

    Life and health insurance provisions that guarantee the insured the right to buy additional coverage without proving insurability. Also known as "guaranteed insurability option."

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