Endowment Insurance - Law Dictionary Search Results
Home Dictionary Name: endowment insuranceendowment insurance
endowment insurance : life insurance in which the benefit is paid to the policyowner if he or she is still living at the end of the policy's term (as 20 years) ...
life insurance
life insurance : insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance : whole life insurance in this entry straight life insurance : whole life insurance in this entry term life insurance : life insurance that provides coverage for a set term and does not accumulate cash surrender value universal life insurance : life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the periodic reporting of current value and company costs charged to the account universal variable life insurance : variable universal life insurance in this entry variable life insurance : life insurance in which all or part of the cash value of the policy is located in a tax-deferred investment portfolio with risk assumed by the insured for investment losses compare variable annuity at annuity variable univer...
endowment
endowment 1 : the act or process of endowing 2 : a result or product of endowing: as a : the income of an institution derived from donations [the university's ability to attract ] b : the property (as a fund) donated to an institution or organization that is invested and producing income [an to maintain the gallery] 3 : an endowed organization or institution : foundation [chairwoman of the state's arts ] 4 : endowment insurance ...
Life micro-insurance product
Life micro-insurance product, means any term insurance contract with or without return of premium any endowment insurance contract or health insurance contract, with or without an accident benefit rider, either on individual or group basis, as per terms stated in Schedule-II appended to these regulations. [Insurance Regulatory and Development Authority (Micro-insurance) Regulations, 2005, R. 2(e)]...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
gross income
gross income : all income derived from any source except for items specifically excluded by law NOTE: Section 61 of the Internal Revenue Code lists fifteen nonexclusive items that should be included in gross income. They are (1) compensation for services, including fringe benefits and commissions; (2) gross income derived from business; (3) gains derived from dealings in property; (4) interest; (5) rents; (6) royalties; (7) dividends; (8) alimony and separate maintenance payments; (9) annuities; (10) income from life insurance and contracts for endowment insurance; (11) pensions; (12) income from discharge of a debt; (13) distributive share of partnership gross income; (14) income received (as by an estate or heir) by reason of a person's death; and (15) income from an interest in an estate or trust. ...
Religious endowment or endowment
Religious endowment or endowment, the ex-pression 'religious endowment' or 'endowment' has been defined in clause (11) of s. 9 as follows: 'Religious endowment' or 'Endowment' means all property belonging to, or given or endowed for the support of maths or temples or for the performance of any service or charity connected therewith and includes the premises of maths or temple but does not include gifts of property made as personal gifts or offerings to the head of a math or to the archaka or other employee of a temple. It follows that 'all property' belonging to, or given or endowed for the support of a temple or for the performance of any service or charity connected with the temple will constitute its endowment, including the premises of the temple, Commissioner v. Sri Ratnavarma Heggade, AIR 1977 SC 1848: (1977) 1 SCC 525: (1977) 1 SCR 889....
Endowed schools
Endowed schools. Schools wholly or partly maintained out of an endowment. The (English) Endowed Schools Acts are 23 Vict. c. 11; 31 & 32 Vict. c. 32; 32 & 33 Vict. c. 56; 36 & 37 Vict. c. 87; 38 & 39 Vict. c. 29; and 42 & 43 Vict. c. 66; since which statutes their temporary provisions have been continued by (English) Annual Expiring Laws Continuance Acts. The principal Act is that of 1869 (32 & 33 Vict. c. 56), which provided for the reorganization of endowed schools generally (ex-cepting those subject to the (English) Public Schools Act, 1868, as to which see PUBLIC SCHOOLS) through the medium of 'schemes' to be framed by the 'Endowed Schools Commissioners,' whose powers were transferred by the (English) Act of 1874 (37 & 38 Vict. c. 87), to the Charity Com-missioners, and are now vested in the Board of Education. As to the dismissal of masters, see the (English) Endowed Schools (Masters) Act, 1908 (8 Edw. 7, c. 39), and Wright v. Zetland (Marquess), (1908) 1 KB 63. As to inspection o...
endow
endow [Anglo-French endower, from Old French en-, prefix stressing completion + douer to endow, from Latin dotare, from dot- dos gift, dowry] : to furnish with income ;esp : to make a grant of money providing for the continuing support or maintenance of [a scholarship ed by the testator] ...
National insurance
National insurance. The (English) National Insur-ance Act, 1911 (1 & 2 Geo. 5, c. 55), introduced by Mr. Lloyd George, established a wide system of compulsory state insurance covering both ill-health and unemployment, which is based upon premiums contributed in part by the employer, in part by the employee, and in part by the State. The Act consisted of three parts, the first dealing with National Health Insurance, the second with Unemployment Insurance, and the third contained miscellaneous provisions. This Act remained the basis of National Health Insurance, although the subject of very extensive amendment, until the National Health Insurance Act, 1924, consolidated the law. The law has been consolidated again by the (English) National Health Insurance Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 32), amends and repeals the whole of the Acts passed in 1920, 1922, 1924 and 1928. The arrangement is as follows:-Part I. Insured Persons and Contributions.Part II. Benefits.Part III. Approved Soc...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial