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
Act by a company that authorizes an agent to act on its behalf. ...
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Death benefit option in which a beneficiary of a life insurance policy receives the death benefit as a single sum payment instead of installments. ...
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Trust in which a charity receives income from a donated asset for a specified number of years that it is held in that trust. After the specified period concludes, the principal is ...
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