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
Figure used in calculating a worker's primary insurance amount (PIA) to determine Social Security benefits in the following manner: calculate the number of years between the worker's ...
Provision found in current assumption whole life insurance policies under which the insurance company retains the contractual right to recalculate the premium (after a minimum period of ...
Requirement of state approval of property insurance rates and policy forms before they can be used. Individual states regulate insurers and approve their rates. There are three methods of ...
Eligible rollover distribution that is paid directly from an employee's employee benefit insurance plan to the employee's individual retirement account (IRA) or to another plan maintained ...
Pre-determined dollar amount up to which an insurance policy will cover an insured each year, regardless of the number of claims submitted or defense costs associated with these claims. For ...
In health insurance, the number of days for which benefits are paid to the named insured and his or her dependents. For example, the number of days that benefits are calculated for a ...
Bonds sold at a discount from their face value; accumulated interest paid at maturity, as in the case of zero coupon bonds. Interest rate minimum is guaranteed with the prevailing interest ...
Expense of recovering property by a salvor. Salvage charges are not provided for in insurance contracts. If the owner and the salvor cannot agree on salvage charges, a court makes a ...
Plan to which contributions are not being made, but which has not been formally terminated. The freezing of a keogh plan (hr-10) may occur in the following circumstances: self-employed ...
Have a question or comment?
We're here to help.