Mo Life - Taxes, Retirement -Definitions

Front 1

Earned income -

Back 1

Salary, wages or commissions; but not income from Investments, unemployment benefits, and similar sources of income

Front 2

FIFO- First in, First out

Back 2

Principal under which it is assumed that the funds paid into the policy first will be paid out first

Front 3

Gross income -

Back 3

A person's income before taxes or other deductions

Front 4

LIFO - Last in First out

Back 4

Principle applied to asset management in life insurance products under which it is assumed that the funds paid into the policy last will be paid out first

Front 5

Nonprofit organization -

Back 5

An organization that uses its surplus to fulfill its purpose instead of distributing the surplus to its owners or members

Front 6

Policy endowment

Back 6

Maturity date

Front 7

Pre-tax contribution -

Back 7

Contribution made before federal and/or state taxes are deducted from earnings.

Front 8

Rollover -

Back 8

Withdrawal of money from one qualified plan and placing it into another plan

Front 9

Surrender -

Back 9

Early termination of a policy by the policy owner

Front 10

Vesting -

Back 10

The right of a participant in a retirement plan to retain part or all of the benefits