Term
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Definition
| transfer ownership rights to the account's balance to the surviving party |
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Term
| Agency or Convenience Account |
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Definition
| Does not transfer the balance upon the death of one of the parties |
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Term
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Definition
| account held in a revocable trust for a beneficiary |
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Term
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Definition
| a legal interest supporting the right to insure that interest |
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Term
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Definition
| Insurance proceeds are paid if the insured dies during a designated term |
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Term
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Definition
| Insurance proceeds are paid when the insured dies at any time |
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Term
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Definition
| account payable to a designated person on the death of all original depositors |
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Term
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Definition
| Whole life insurance in which the cash value receives a competitive rate of return |
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Term
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Definition
| whole life insurance in which premiums stop at a younger age and the cash value equals the face value at the time |
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Term
| Split dollar life insurance |
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Definition
| An insured and the insured's employer both contribute to the premium and the employer receives a share of the proceeds |
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Term
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Definition
| Lump sum, installments, interest or deposit |
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Term
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Definition
| Life insurance on two lives in payable only when the second person dies |
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Term
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Definition
| Life insurance on the two lives is payable when the first persons die |
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Term
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Definition
| Contract between an annuity providers and purchaser in which on payment of a lump sum, the provider agrees to make periodic payments to an annuitant for life or for a fixed term |
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Term
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Definition
| Annuity purchased from a company in the business of selling annuities (e.g., an insurance company) |
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Term
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Definition
| Annuity from a private individual (e.g., a family member) |
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Term
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Definition
| annuity payments are made until the first of two annuitants dies |
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Term
| Joint and survivor ship annuity |
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Definition
| Annuity payments are made until both of two annuitants die |
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Term
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Definition
| Annuity payments are equal |
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Term
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Definition
| The amount of annuity payments depends on the investment success of the annuity providers |
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Term
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Definition
| an employee benefit plan that meets federal requirements for favorable tax treatment |
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Term
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Definition
| basic plan that provides the employee with a determinable amount of benefits payable for a certain number of years or until the employee dies |
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Term
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Definition
| the employer contributes to the plan on the employees behalf |
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Term
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Definition
| The employee authorizes the employer to place a percentage of the employees salary into the benefit plan |
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Term
| Employee Stock Option Plan (ESOP) |
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Definition
| The employer forms a special type of trust and then makes contributions to the trust on behalf of the employee and uses it to purchase corporate stock |
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Term
| Keogh Plan (H.R. 10 Plans) |
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Definition
| permit sole proprietors, partners, and other non common law employees to create retirement pans under basically the same rules as employee plans and receive similar tax benefits |
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Term
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Definition
| the contributor does not pay income tax on qualify contributions or on the earnings of those contributions as they occur but must pay tax when the contributor makes withdrawals , ROTH IRA, contributions are post tax and earnings are free of income tax |
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Term
| Simplified employee pension (SEP) |
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Definition
| Small businesses that may not be able to establish traditional qualified plans because of cost may make contributions directly to their employees IRA using SEP |
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Term
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Definition
| Formal method of creating agency relationships authorizing one person (attorney-in-fact) to act for another (principal) |
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Term
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Definition
| One who authorizes another (attorney-in-fact or agent) to act under power of attorney |
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Term
| Durable Power of Attorney |
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Definition
| Power of attorney that continues despite the principals disability or incapacity |
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Term
| General Power Of Attorney |
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Definition
| Broad power of attorney authorizing an agent to take any action the principal could take |
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Term
| Limited power of attorney |
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Definition
| Narrow power of attorney authorizing an agent to take only designated actions |
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Term
| Springing power of attorney |
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Definition
| Power of attorney that begins on the principal's disability or incapacity |
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Term
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Definition
| Statue authorizing family members to make medical decisions on behalf of a person who is unable to do so and has failed to plan for incapacity |
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Term
| Durable Power of Attorney for Health Care |
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Definition
| Power of attorney designed to deal with health and medical issues |
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Term
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Definition
| Insurance designed to pay for the care of the person confined to a nursing home or similar facility |
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Term
| Accelerated death benefit |
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Definition
| Life insurance arrangement requiring the insurer to prepay some or all of the death benefit to an insured with a life-threatening condition in specified circumstances |
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Term
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Definition
| Arrangement in which a third person purchases a life insurance policy from an insured with a life-threatening condition for an amount less than the insurance death benefit |
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Term
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Definition
| The time during which voluntary transfers are treated as still owed for Medicaid eligibility purposes |
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Term
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Definition
| Document expressing a person's wishes concerning medical acre in the event of a terminal condition or inability to communicate; also called advance directive, natural death statement and directive to physicians |
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Term
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Definition
| Food and Water (Why is this a definition) |
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Term
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Definition
| Providing another with the means of committing suicide |
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Term
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Definition
| The right to be buried in a specified location |
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