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
Fairness (as an objective of insurance pricing). Premium rates are set according to expectation of loss among a classification of policy owners. The premise is that all insureds with the ...
Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
Projections of future accidental losses based on analyses of historical loss patterns. A projected loss picture is used to determine the pure cost of protection and the resultant basic ...
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Exemption in ocean marine policy for losses caused by strikes, riots, and civil commotion. ...
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Taking over of an insurance company's assets by the State Insurance Commissioner when examination of the annual report reveals that the company is in substantial financial difficulty. The ...
Frequency of illness, sickness, and diseases contracted. ...
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