Uniform Gifts To Minors Act
Definition of "Uniform gifts to minors act"
Act in which an irrevocable gift is made by the parent to the child. For children less than age 14, the first $600 of annual investment earnings is tax free and the next $600 is taxed at the child's 15% tax rate. If the child is at least age 14, all income is taxed at the child's rate. Once the child reaches the age of majority, which in most states is 18 or 21, the child can use the money in that account as desired.
Popular Insurance Terms
Coverage of an employee group whose members receive a monthly disability income benefit, subject to a maximum amount, if illness or accident prevents a member from performing the normal ...
Number of times an accident occurs. Used in predicting losses upon which premiums are based. ...
Procedure to minimize the adverse effect of a possible financial loss by (1) identifying potential sources of loss; (2) measuring the financial consequences of a loss occurring; and (3) ...
Company organized with the business objective of providing claims adjustment services to insurance companies that do not have an internal claims department. ...
Method of transferring risk to permit the risk bearer to assume two offsetting positions at the same time so that, regardless of the outcome of an event, the risk bearer is left in a no ...
Documents completed by the agent to effect authorization to act on behalf of the company. ...
Practice of selling those securities whose price has increased and retaining those securities whose price has declined. The securities that have declined are listed at their amortized value ...
List of the values of specific medical procedures in comparison with other medical procedures. ...
Transportation firm that must carry any customer's goods if the customer is willing to pay. Common carriers include trucking companies, bus lines, and airlines. ...
Have a question or comment?
We're here to help.