Glossary

Term of the Week: Creditworthiness

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Estate Tax

Estate tax is a tax imposed on the net value of the estate of a deceased person before distribution to the beneficiaries.

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FDIC

FDIC insures deposits in US banks against failure.

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Fixed Annuity

A fixed annuity is an annuity that delivers a fixed payment for either the annuitant’s lifetime or a specified period of time.

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Fixed Rate Mortgage

A fixed rate mortgage is one in which the interest rate does not change during the entire term.

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Foreclosure

Foreclosure is a legal matter in which an individual loses his/her right to property due to defaulting on payments.

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Hedge Fund

A private investment fund, often aggressively managed with the goal of generating high returns. Similar to a mutual fund in that it is professionally managed, however, it is more flexible in investment strategies and usually unregulated as they cater to sophisticated investors.

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Home Equity Loan

A home equity loan is a loan that uses the borrower’s household as security for the loan.

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Indexed Universal Life Insurance (IUL)

An IUL is a permanent life insurance policy with an underlying stock market index and some type of guaranteed return.

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Individual Retirement Account (IRA)

An IRA is a personal tax-deferred retirement savings account.

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Insurance

Insurance is a contract in which an entity or individual receives financial protection or reimbursement in the event of a loss.

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