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)]...
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. ...
Friendly societies
Friendly societies, associations supported by subscription for the relief and maintenance of the members or their wives, children, relations, and nominees, in sickness, infancy, advanced age, widowhood, etc. by the Friendly Societies Act, 1875 (38 & 39 Vict. c. 60), various prior statutes regulating these societies were in whole or in part repealed, and the law consolidated and amended. Such societies may be formed for providing payments on birth of a member's child, or on death of a member, or for relief and maintenance of members and their husbands, wives, children, etc., in old age or sickness, the endowment of members at any age, the insurance of tools against fire, or of cattle, for working men's clubs, or for any other purpose authorized by the Treasury. Before any such society can be properly established, its rules must have been transmitted to and approved of by the central office for the registration of Friendly Societies. The Act was amended in 1876 by 39 & 40 Vict. c. 32 as ...
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...
Industrial assurance
Industrial assurance. See the (English) Industrial Assurance Act, 1923 (repealing the Collecting Societies and Industrial Assurance Companies Act, 1896), which consolidates and amends the law relating to industrial assurance. The Act gives increased protection to the poorer classes of assured persons in respect of life insurance business the premiums upon which are received by collectors at intervals of less than two months. 'Industrial assurance funds' (life funds) cannot be made security for a loan other than a temporary bank overdraft. The Act contains important provisions as to forfeiture and surrender of policies, accounts and inspection, and the printing of portions of the Act on policies so as to draw the attention of policy-holders to rights conferred by the Act. See the (English) Industrial Assurance and Friendly Societies Act, 1929 (19 & 20 Geo. 5, c. 28), which permits the issue of endowment policies; and see FRIENDLY SOCIETIES....
Office of profit
Office of profit, a person who was a Pramukh at the time of filing of nomination papers and who was drawing a honorarium was not holding an office of profit, Umrao Singh v. Yeshwant Singh, AIR 1970 Raj 134 (141). [Constitution of India, Art. 102(1)(a)]It need not be in the service of Government. Generally it is understood that an office means a position to which certain duties are attached. An office of profit involves two elements namely that there should be such an office and that it should carry some remunerations. It is not the same as holding a post under the Government and therefore for holding an office of profit under the Government, a person need not be in the service of the Government, Satrucharla Chandrasekhar Raju v. Vyricherla Pradeep Kumar Devi, AIR 1992 SC 1959: (1992) 4 SCC 404.The word 'office' does not, therefore, necessarily imply that it must have an existence apart from the person, who may hold it. Cases are known, in which, in order to make use of the Special know...
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